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Regionalism in International Investment Law$
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Leon Trakman and Nicola Ranieri

Print publication date: 2013

Print ISBN-13: 9780195389005

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780195389005.001.0001

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Australia's Rejection of Investor–State Arbitration: A Sign of Global Change

Australia's Rejection of Investor–State Arbitration: A Sign of Global Change

(p.344) 12 Australia's Rejection of Investor–State Arbitration: A Sign of Global Change
Regionalism in International Investment Law

Leon E. Trakman

Oxford University Press

This chapter analyzes the significance of Australia's rejection of investor-state arbitration (ISA). It challenges the Australian Productivity Commission's contention that ISA should be rejected on grounds that it is objectively inferior to other mechanisms of dispute resolution. It evaluates the consequences of resorting to domestic courts, as distinct from ISA to resolve investment disputes. It argues that poking metaphorical holes in ISA is offset by the debilitating holes in domestic courts attempting to resolve investor-state disputes transparently, evenhandedly, and in particular, consistently and fairly. The chapter recommends changes to ISA that may accommodate some of its perceived deficiencies, redress some of Australia's concerns, and enable Australia to participate in investment treaties in which ISA is most likely to prevail. It concludes by arguing against the Australian government's summary rejection of ISA because that rejection lacks an entirely justifiable basis.

Keywords:   investor-state arbitration, investment policy, Australian Productivity Commission, dispute resolution, domestic courts, investment treaties

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