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Articles : Fair and equitable treatment standard in international investment Law: An analysis vis-avis public international law
분야 사회과학 > 법학
저자 ( Astha Mishra ) , ( Anand Mishra )
발행기관 고려대학교 법학연구원
간행물정보 Korea University Law Review 2012년, 제11권 107~121쪽(총15쪽)
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International investment law is the fastest growing area of international law, but also a field that faces considerable challenges and criticism. The obligation to provide "fair and equitable treatment" under which investment must be observed in good faith, is often stated, together with other standards, as part of the protection due to foreign direct investment by host countries, It is an absolute standard of treatment, i.e. a standard that states the treatment to be accorded in terms whose exact meaning has to be determined, by reference to specific circumstances of application, as opposed to the "relative" standards embodied in "national treatment" and "most favoured nation" principles. It is to be noted that the obligation of the parties to investment agreements to provide to each other`s investments "fair and equitable treatment" has been given various interpretations based on the specific terms of a particular treaty, its context, negotiating history or other indications of the parties` intent. So meaning of the standard varies from treaty to treaty. . Thus sometimes the vagueness among the phrases in treaties is given intentionally to give arbitrators the possibility to articulate the range of principles necessary to achieve the treaty`s purpose in particular disputes. The paper provides factual elements of information on jurisprudence, literature and state practice related to the fair and equitable treatment standard. It examines the origins of the standard and its use in international agreements and state practice. The authors in the paper outline a public law approach to international investment law in which it has been suggested to adopt specific methodology for conceptualizing international investment law and thereby examine relationship of "fair and equitable treatment" with the minimum standard of the international customary law and discussing the elements of its normative content as identified by arbitral tribunals. Also the paper deals with the circumscribing of power and the role of the arbitrators in the international investment disputes.
Fair and equitable treatment, International minimum standards, Customary international law, National treatment, Most favoured nation, Pacta sunt servanda, Ex aequo et bono, Vienna Convention on Law of Treaties, ICSID, OECD, UNCITRAL
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