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17 - Legitimation through Modification: Do States Seek More Regulatory Space in Their Investment Agreements?

from Part IV - Legitimation Strategies

Published online by Cambridge University Press:  06 January 2022

Daniel Behn
Affiliation:
Universitetet i Oslo
Ole Kristian Fauchald
Affiliation:
Universitetet i Oslo
Malcolm Langford
Affiliation:
Universitetet i Oslo
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Summary

The starting point is the observation that some states are and have been unhappy with certain BITs that include ISDS provisions. Based on a dataset on renegotiated and terminated BITs, the authors ask if this is the case. The initial evidence indicates that states have not made a systematic effort over the years to recalibrate their BITs for the purpose of preserving more regulatory space. In fact, most renegotiations either leave ISDS provisions unchanged or render them more investor-friendly. Nevertheless, the authors find that this is beginning to change, as recent renegotiations are more likely to circumscribe ISDS in ways that preserve more state regulatory space.

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Chapter
Information
The Legitimacy of Investment Arbitration
Empirical Perspectives
, pp. 531 - 554
Publisher: Cambridge University Press
Print publication year: 2022

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