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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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The Case Against A Regime on International Investment Law

The Case Against A Regime on International Investment Law

(p.475) 16 The Case Against A Regime on International Investment Law
Regionalism in International Investment Law

Muthucumaraswamy Sornarajah

Oxford University Press

A successful regime for international trade was created with the establishment of World Trade Organization, and its effective dispute settlement mechanism and secure treaty rules. The dispute settlement mechanism is regarded as the most efficient so far devised in international law. There is no such regime on foreign investment protection. This chapter begins by tracing the history of the international law on foreign investment. The history illustrates that the law, even at the zenith of the neoliberal phase, was not characterized by a uniform set of norms that would have promoted the formation of a regime. It also analyzes current literature, which seeks to conserve methods of creating a global regime on investment law. It is argued that since the global economic crises, the developed states have reined in the offensive nature of investment treaties so as to make the possibility of a regime such a mirage. As a result, none of the mutations to conserve the construction of norms based on neoliberalism could survive without resistance from interests opposed to the imposition of a regime through indirect means.

Keywords:   international law, investment law, foreign investment, regime, investment treaties, neoliberalism

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