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Bridging the Gap between Foreign Investor Rights and Obligations: Towards Reimagining the International Law on Foreign Investment

Published online by Cambridge University Press:  21 July 2022

Nicolás M. Perrone Open the ORCID record for Nicolás M. Perrone [Opens in a new window]
Nicolás M. Perrone*
Affiliation:
Professor of Economic Law, Escuela de Derecho, Universidad de Valparaíso, Chile
*
*Corresponding author. Email: [email protected]
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Abstract

This article proposes to see the history of the international law on foreign investment as about the promotion of investor rights as much as the resistance to investor obligations. The argument is that the divide between investment protection and the responsibility of foreign investors is one of the most significant features of international investment law. The article shows that the different treatment of rights and obligations is grounded in the same business project and legal imagination. Maintaining this divide has never been easy, as this model faced resistance, particularly from Latin America, trade unions and human rights activists. The analysis concludes by noting that academics can contribute to reimagining the international law on foreign investment by bringing investment treaty law and business and human rights closer. This shift is already happening.

Keywords

Business and human rightsbusiness historyInternational investment lawLatin America
Type
Scholarly Article
Information
Business and Human Rights Journal , Volume 7 , Issue 3: Special Issue: Business and Human Rights in Latin America , October 2022 , pp. 375 - 396
Copyright
© The Author(s), 2022. Published by Cambridge University Press

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References

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99 Cited in Rowe, note 9, 147.

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119 United Nations Guiding Principles on Business and Human Rights, HR/PUB/11/04, 2011.

120 ICC, IOE, BIAC, ‘Joint Statement on Business & Human Rights to the United Nations Human Rights Council Geneva’, (2011) (available at https://iccwbo.org/content/uploads/sites/3/2011/05/Joint-Statement-on-Business-Human-Rights-to-the-United-Nations-Human-Rights-Council.pdf).

121 López, note 7, 58–61.

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123 Deva, note 7, 4, 10–12.

124 López, note 7, 75.

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127 Jan Eijsbouts, ‘Arbitration, a new Remedy in Business and Human Rights’, ICC The Netherlands (22 June 2020), https://www.icc.nl/2020/06/22/arbitration-a-new-remedy-in-business-and-human-rights/ (accessed 4 October 2021).

128 Lisa Sachs, Lise Johnson, Kaitlin Cordes, Jesse Coleman and Brooke Guven, ‘The Business and Human Rights Arbitration Rule Project: Falling short of its access to justice objectives’, Columbia Center on Sustainable Investment, September 2019, https://scholarship.law.columbia.edu/sustainable_investment_staffpubs/152/ (accessed 4 October 2021).

129 For a review of options to align investment treaties with human rights obligations and sustainable development, see J Anthony VanDuzer, Penelope Simons and Graham Mayeda, ‘Integrating Sustainable Development into International Investment Agreements: A Guide for Developing Countries’ (Commonwealth Secretariat, 2012).

130 See Steininger, Silvia, ‘Investment and Human Rights in the Shadow of the Pandemic: Recent Developments in 2020’ in Sachs, Lisa, Johnson, Lise and Coleman, Jesse (eds.), Yearbook on International Investment Law & Policy 2020 (Oxford: Oxford University Press, 2021) 221 Google Scholar, 224–225.

131 Ibid, 227.

132 Suez and others v Argentina (ICSID Case No. ARB/03/17) Decision on Liability, 30 July 2010, paras 238–240.

133 Eco Oro v Colombia (ICSID Case No. ARB/16/41), Decision on Jurisdiction, Liability and Directions on Quantum, 9 September 2021, para 829.

134 See, e.g., Novenergia II and others v Spain (SCC Case No. 2015/063), Award, 15 February 2018; Antin Infrastructure Services v Spain (ICSID Case No. ARB/13/31), 15 June 2018; Masdar Solar v Spain (ICSID Case No. ARB/14/1), 16 May 2018; Greentech and others v Spain (SCC Case No. 2015/150), Award, 14 November 2018.

135 Eco Oro v Colombia (ICSID Case No. ARB/16/41), Decision on Jurisdiction, Liability and Directions on Quantum, 9 September 2021, paras 768, 804–805.

136 Eco Oro v Colombia (ICSID Case No. ARB/16/41), Partial Dissent of Philippe Sands, 9 September 2021, para 18.

137 Copper Mesa Mining Corporation v Ecuador (PCA Case No. 2012-02), Award, 15 March 2016; Bear Creek Mining Corporation v Peru (ICSID Case No. ARB/14/2), Award, 30 November 2017; South American Silver (SAS) v Bolivia (PCA Case No. 2013-15), Award, 22 November 2018.

138 See Krajewski, note 1, 121–128.

139 Urbaser and others v Argentina (ICSID Case No. ARB/07/26), Award, 8 December 2016, paras 1199–1210.

140 Partial Dissenting Opinion of Philippe Sands in Bear Creek v Peru (ICSID Case No. ARB/14/2), 12 September 2017, para 10.

141 Bear Creek Mining Corporation v Peru (ICSID Case No. ARB/14/2), Award, 30 November 2017, paras 664–666.

142 David R Aven and others v Costa Rica (ICSID Case No. UNCT/15/3), Award, 18 September 2018, paras 738–739.

143 See, e.g., the memorial of Romania and the non-disputing party in Gabriel Resources v Romania (ICSID Case No. ARB/15/31).

144 See, e.g., Chevron v Ecuador, UNCITRAL, PCA Case No. 2009–23; Shell v Nigeria (ICSID Case No. ARB/21/7); Barrick v Papua New Guinea (ICSID Case No. ARB/20/27).

145 Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time (Boston: Beacon Press, 2001) 233.

146 UN Working Group on the Issue of Human Rights and Transnational Corporations, and Other Business Enterprises, ‘Human Rights Compatible International Investment Agreements’ (UN Doc. A/76/238), 27 July 2021.