NewSpace: A Wave of Private Investment in Commercial Space Activities and Potential Issues Under International Investment Law

2018 ◽  
Vol 19 (5-6) ◽  
pp. 930-950
Author(s):  
Ingo Baumann ◽  
Hussaine El Bajjati ◽  
Erik Pellander
Keyword(s):  
Private Investment ◽  
International Investment ◽  
International Investment Law ◽  
Commercial Space ◽  
Investment Treaty ◽  
Space Industry ◽  
Foreign Government ◽  
National Jurisdiction ◽  
Space Activities ◽  
Laws And Regulations

Abstract The space industry is witnessing a commercialization wave which is commonly circumscribed by the term NewSpace. Together with the increasing commercialization, legal issues in the space sector may require rethinking, laws and regulations form other sectors may become relevant, and new laws and regulations need to be developed. Overall, there are significant risks associated with the legal and regulatory framework under which NewSpace companies are operating. Some of these risks could generally be mitigated through the application of investment treaties. In this regard, it is not an obstacle that space activities are taking place beyond the limits of national jurisdiction. Administrative rights, such as a governmental license to undertake commercial space activities, are one of the most eminent and likely area where space companies may present claims against a foreign government. The level of protection in relation to these administrative rights may differ from one investment treaty to another.

Micula v Romania between International Investment Law and European Law – The UK Supreme Court Judgement – the Final or the NEXT PIece of the Puzzle?

De Jure ◽  
2021 ◽  
Vol 12 (1) ◽  
Author(s):  
Steliyana Zlateva ◽  
◽  
◽  
Keyword(s):  
Supreme Court ◽  
International Investment ◽  
European Law ◽  
Eu Law ◽  
International Investment Law ◽  
Investment Treaty ◽  
Investment Law ◽  
Uk Supreme Court ◽  
The Uk ◽  
The Eu

The Judgement of the United Kingdom’s Supreme Court in the long Micula v. Romania investment treaty dispute confirmed that the arbitral awards of the International Centre for Settlement of Investment Disputes (ICSID), rendered by tribunals established under intra-EU BITs, could be enforced in the UK. The Micula case concerns the interplay between the obligations under the ICSID Convention and EU law. In particular, it addresses the question of whether the award obtained by the Micula brothers against Romania constitutes state aid prohibited by EU law, as well as the enforcement obligations under the ICSID Convention in view of the EU duty of sincere cooperation.

HUMAN RIGHTS IN INTERNATIONAL INVESTMENT LAW: THE 2016 MOROCCO–NIGERIA BILATERAL INVESTMENT TREATY

2019 ◽  
Vol 68 (3) ◽  
pp. 761-770 ◽  
Author(s):  
Niccolò Zugliani
Keyword(s):  
Human Rights ◽  
International Investment ◽  
African Countries ◽  
Socially Responsible ◽  
Bilateral Investment Treaty ◽  
International Investment Law ◽  
Investment Treaty ◽  
International Investment Agreements ◽  
Fertile Ground ◽  
Investment Agreements

AbstractThe 2016 Morocco–Nigeria bilateral investment treaty (BIT) stands out from other such treaties because of its innovative human rights approach to the protection and promotion of foreign direct investment. Human rights permeate its approach to the regulation of investment in a manner which is most unusual in international investment agreements (IIAs). As a result, this is the most socially-responsible BIT currently concluded. Although it remains exceptional within the investment-treaty framework, the treaty reflects African initiatives to ensure that the next generation of BITs encourages more responsible investments. As such, it shows that human rights-compliant investment treaties can find fertile ground in developing African countries and it sets an example for current and future negotiations aimed at fostering respect for human rights in investment activities.

International Investment Law and Practice in the Kingdom of Cambodia: An Evolving ‘Rule Taker’?

2017 ◽  
Vol 18 (5-6) ◽  
pp. 942-973
Author(s):  
Romesh Weeramantry
Keyword(s):  
Foreign Direct Investment ◽  
Direct Investment ◽  
Free Trade Agreements ◽  
International Investment ◽  
Court System ◽  
International Investment Law ◽  
Investment Treaty ◽  
Investment Arbitration ◽  
Investment Law ◽  
Investment Agreements

Abstract Cambodia has undertaken several initiatives to attract foreign direct investment (FDI), which has been growing rapidly in recent years, particularly through participating in Association of South East Asian Nations (ASEAN) investment agreements and free trade agreements (FTAs). This article first outlines Cambodia’s arbitration law and practice, its Law on Investment, the court system, problems relating to corruption, and foreign direct investment (FDI) patterns. It then surveys trends in Cambodia’s comparatively belated signing of investment treaties, and their main contents (including recent treaties with India and Hungary, adopting very different models). The article then discusses the only investment arbitration instituted against Cambodia, which was successfully defended, followed by a comment on the future prospects for Cambodia’s investment treaty program.

scholarly journals URGENSI PENATAAN HUKUM KERUANGANGKASAAN DALAM KERANGKA KEPENTINGAN NASIONAL NEGARA BERKEMBANG

2019 ◽  
Vol 48 (1) ◽  
pp. 49
Author(s):  
Agus Pramono
Keyword(s):  
Developing Countries ◽  
Developing Country ◽  
Developed Countries ◽  
Legal Framework ◽  
The Other ◽  
Private Companies ◽  
Commercial Space ◽  
Legal Instrument ◽  
Space Industry ◽  
Space Activities

The presence of  the space industry which sends to be dominated by private companies in developed countries has encouraged the need for developing country national legal framework thar are accomodative to regulate commercial space activities. On the other hand there are developing countries that have space activities and have national legal instruments, on the other there are developing countries that have just started space activities but do not have national legal instrument. Therefore, the arrangement of international and national legal instrument that regulate the interest of developing countries is urgent. In addition, this study show that existing legal transformation is not successful considering the transformation is not less attention to the full interest of the parties concerned.

An Overview of Sri Lanka’s Bilateral Investment Treaties: Status Quo and Some Insights into Future Modifications

2016 ◽  
Vol 7 (2) ◽  
pp. 287-318
Author(s):  
Dilini PATHIRANA
Keyword(s):  
Sri Lanka ◽  
Dispute Settlement ◽  
International Investment ◽  
Status Quo ◽  
International Investment Law ◽  
Global Context ◽  
Investment Treaty ◽  
International Investment Agreements ◽  
Investment Law ◽  
Investment Agreements

AbstractSri Lanka is the first country against which a foreign investor has had recourse to international arbitration based on the dispute settlement clause in a bilateral investment treaty (BIT). This was the case of AAPL v. Sri Lanka. Since then, the country has been challenged twice before the International Centre for Settlement of Investment Disputes (ICSID), while its latest encounter was in the case of Deutsche Bank AG v. Sri Lanka. In the intervening years between these two cases, Sri Lanka maintained silence and failed to alter its BITs in a global context where the conventional attitude on international investment agreements (IIAs) is being increasingly reconsidered. This paper provides an overview of Sri Lanka’s BITs, which highlights the urgency of reconsidering the country’s investment treaty-making practice. It suggests some modifications to align the country’s investment treaty-making practice with international investment law (IIL) developments.

THE “UNEXPECTED” DEVELOPMENT-FRIENDLY DEFINITION OF INVESTMENT IN THE 2013 RESOLUTION OF THE INSTITUT DE DROIT INTERNATIONAL

2014 ◽  
Vol 23 (1) ◽  
pp. 69-90
Author(s):  
Pia Acconci
Keyword(s):  
Sustainable Development ◽  
International Investment ◽  
Public Interests ◽  
International Investment Law ◽  
Investment Treaty ◽  
Private And Public ◽  
Investment Law ◽  
Droit International ◽  
Definition Of

The importance of the widespread reliance upon direct arbitration, particularly arbitration under the International Centre for Settlement of Investment Disputes (ICSID), and of the practice of “arbitration without privity” is at the root of the search for a definition of investment, as underlined by the 2013 Resolution of the Institut de droit international (IDI). The Resolution refers to a development-friendly definition of investment. This article aims to explain to what extent a definition based upon references to sustainable development would constitute an acceptable specification, albeit a partial one, of the term “development” used in the IDI Resolution, in light of the need of a reconciliation between private and public interests within current international investment law. The article also deals with the issue of whether the ICSID Convention provides for an autonomous definition of investment that cannot be overridden by the terms of a given international investment treaty, and if so, which criteria should be taken into consideration for the purposes of determining whether an investment exists within the meaning of Article 25(1) of the ICSID Convention.

International Investment Law in Central Asia

2015 ◽  
Vol 16 (5-6) ◽  
pp. 1089-1124 ◽  
Author(s):  
Mavluda Sattorova
Keyword(s):  
International Investment ◽  
International Investment Law ◽  
Investment Protection ◽  
Investment Treaty ◽  
Regional Investment ◽  
Central Asian ◽  
History Of ◽  
Investment Law ◽  
Law Making

Despite the fact that Central Asian states have not been involved in regional investment treaty-making on a scale and thrust similar to that of ASEAN and NAFTA, their evolving approaches to international investment law merit attention, not least because of the unique geopolitical characteristics of the region. The aim of this article is to fill the gap in the existing scholarship by exploring regional characteristics of Central Asian participation in international investment law-making. It will critically evaluate the history of numerous regionalisation efforts and, through a case study of two Central Asian states, Kazakhstan and Uzbekistan, examine the shared patterns in the evolution of national approaches to investment protection rules. In particular, the identity of Central Asian states as rule-takers and the factors underlying the emergence of distinctive national stances on the scope and objective of investment rules will be analysed.

scholarly journals The definition of investment and the ICSID convention: matters arising under the Nigerian investment promotion act and international investment law

1970 ◽  
Vol 8 (2) ◽  
pp. 133-154
Author(s):  
Felix O. Okpe
Keyword(s):  
Economic Development ◽  
Potential Problem ◽  
International Investment ◽  
Core Element ◽  
Law And Development ◽  
International Investment Law ◽  
Investment Promotion ◽  
Investment Treaty ◽  
Investment Law ◽  
Definition Of

This article contends that the omission to define investment in the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention) has a trickledown effect on the Nigerian Investment Promotion Act (the NIPC Act), in the context of investment treaty law and arbitration. Its greatest impact is the relegation of the contribution to economic development element of the definition of “investment” to a backseat contrary to the purpose of the ICSID Convention. This article proposes a simple thesis: the omission to define investment in the ICSID Convention has fostered an amorphous definition of investment under the NIPC Act, thus creating uncertainty, irrelevance and ambiguity. The uncertainty is a potential problem in the conduct of foreign direct investment under the ICSID Convention. The article recommends a review of the definition of “investment” under the Act and the adoption of a definition that restricts foreign investment within the territory of Nigeria and makes acontribution to economic development its core element in line with the fundamental objective of the ICSID Convention.Keywords: Nigerian Investment Promotion Act, Law and Development, Investment Law and ICSID Arbitration

The Rule of Law Effects of Commercial Arbitration from a Socio-Legal Perspective

2020 ◽  
pp. 678-696
Author(s):  
Thomas Dietz
Keyword(s):  
Systems Theory ◽  
Systems Approach ◽  
International Investment ◽  
Political Scientist ◽  
Political Systems ◽  
International Investment Law ◽  
Investment Treaty ◽  
Investment Arbitration ◽  
Legal Perspective ◽  
Core Idea

This chapter suggests a vision of investment treaty arbitration filtered through the lens of political systems theory. Political systems theory was developed in the 1950s and 1960s by David Easton, an eminent political scientist. The core idea of Easton’s theory is that political systems can be understood as consisting of inputs from various actors that are aggregated and transformed into outputs, where outputs consist of the authoritative allocation of values. As such, the political systems approach encourages people to move beyond overly reductionist visions of international investment law as a quasi-inevitable product of state and investor interactions, or as the quasi-autonomous and teleological identification and imposition by tribunals of necessarily sensible or correct rules of state behaviour. Indeed, the chapter argues that seeing investment arbitration as political system allows people to bring out elements of its workings with greater clarity. Altogether, this helps people get a better sense of some of the key dynamics of investment arbitration.

scholarly journals International Investment Arbitration in Laos: Large Issues for a Small State

2017 ◽  
Vol 18 (5-6) ◽  
pp. 1001-1024
Author(s):  
Romesh Weeramantry ◽  
Mahdev Mohan
Keyword(s):  
East Asian ◽  
Developed Countries ◽  
International Investment ◽  
Least Developed Countries ◽  
Small State ◽  
International Investment Law ◽  
Investment Treaty ◽  
Investment Arbitration ◽  
Investment Law ◽  
Investment Agreements

Abstract Laos is no stranger to international investment arbitration. Despite its status as one of Southeast Asia’s least developed countries, it has had an Investment Law for more than two decades and is also a party to several bilateral and Association of South East Asian Nations (ASEAN)-related investment agreements. More recently, two investment treaty claims have been made against it, one of which has given rise to an award challenge that went all the way to Singapore’s highest court. This article will examine the history, evolution and current iteration of Laos’ relationship with international investment law and focus on the two investment treaty claims instituted against Laos. The article concludes with an appraisal of Laos’ need to maintain its investment treaty programme, despite the difficulties that may have arisen as a result of it being a respondent in investment treaty arbitrations.

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