21 - Reconciling Public Interests with Private Interests in International Investment Arbitration and Securing Effective Remedy for Investment–Related Human Rights Violations

Summary

The tension that has been witnessed in recent years between the law of foreign investment which guarantees investors' protections and legitimate expectations, on one hand, and the need not to unduly restrict the right of host governments to implement their public policy, including the protection of the environment and human rights, and the promotion of social and economic justice within the host country, on the other, is the result of the growing concern of the wider stakeholders about the developments within this area of law. The issues relating to the need to reconcile public interests with private interests within international investment law has in recent been a matter of debate both within and beyond the traditional legal academic literature. It is in this context that this chapter examines some possible options designed to reconcile public interests with private interests in international investment arbitration and to secure an effective remedy for investment-related human rights violations globally in general and in Asia in particular. In doing so, this chapter focusses on the human rights issues raised by economic and other land concessions in many developing countries and various options for remedy for those adversely affected by such concessions.