Author: Alberto Alvarez-Jiménez*
Published: December 2018
Sources of Arbitration Law
Basic Standards of Due Process
States as Parties
Trademarks and Copyright
The two tribunals were aware that much was at stake for host-States and the legitimacy of international investment law. The Great Recession and the crises in Asia and Argentina changed the politics and the economics of international investment law by curtailing the deregulation and overconfidence in investors and markets. As a result, the State has reemerged, and its regulatory powers have been reclaimed to deal with the complexities of protracted economic crises and new health and environmental risks.
Although international investment law was developed to protect foreign investments the aforementioned phenomena tilted the scale in host-States’ favor, as States’ interests have gained prominence. New generations of international investment agreements express this reality; States strive to ensure that their regulatory powers are preserved. The PMA v. Australia and PM v. Uruguay awards coincide with these phenomena.
*Doctor of Laws, University of Ottawa. LL.M., McGill University. Senior Lecturer, Faculty of Law, University of Waikato, New Zealand. This article is dedicated to Eliana Herrera, Alberto Alvarez Zuluaga, and Concha Jimenez (in memoriam).