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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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Consumer Product Safety Regulation and Investor–State Arbitration Policy and Practice After Philip Morris Asia v. Australia*

Consumer Product Safety Regulation and Investor–State Arbitration Policy and Practice After Philip Morris Asia v. Australia*

Chapter:
(p.452) 15 Consumer Product Safety Regulation and Investor–State Arbitration Policy and Practice After Philip Morris Asia v. Australia*
Source:
Regionalism in International Investment Law
Author(s):

Luke Nottage

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195389005.003.0015

This chapter examines the unfolding dispute between Philip Morris Asia Limited (PMA) and Australia over the country's Product Safety Regulations. The discussions cover treaty-based investor-state arbitration (ISA); the impact of the PMA claim on Australia's policy debate; and further practical implications and lessons from the PMA claim. It suggests that Australia's policy shift away from ISA, reinforced by the ongoing tobacco company claims, could precipitate the unraveling of a growing acceptance of the ISA system throughout the Asia-Pacific region. The Gillard government Trade Policy Statement may also rub up against an emerging tendency on the part of the EU, like the United States, to view investment chapters or treaties as stepping-stones toward comprehensive arrangements. At least at this stage, however, it seems unlikely that the Australian government will heed calls—prompted partly by the PMA claim—to terminate some of its existing treaties that have gone past their initial term.

Keywords:   Philip Morris Asia Limited, dispute resolution, product safety regulation, Australian law, investor-state arbitration, trade policy, investment policy

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