Redefining sovereignty in international economic law

Part five explores the tensions and intersections between the inter-national regulation of trade and investment, international human rights andstate sovereignty.. Studies in Internationa

REDEFINING SOVEREIGNTY IN INTERNATIONAL ECONOMIC LAW

The concept of state sovereignty is increasingly challenged by a proliferation ofinternational economic instruments and major international economic institu-tions States from both the south and north are re-examining and debating theextent to which they should cede control over their economic and social policies

to achieve global economic efficiency in an interdependent world Internationallawyers are seriously rethinking the subject of state sovereignty, in relation tothe operation of the main international economic institutions, namely theWTO, the World Bank and the International Monetary Fund (IMF)

The contributions in this volume, bringing together leading scholars from the developed and developing worlds, take up the challenge of debating themeaning of sovereignty and the impact of international economic law on statesovereignty The first part looks at the issues from the perspectives of generalinternational law, international economic law and legal theory Part two dis-cusses the impact of trade liberalisation on the sovereignty of both industrialisedand developing states and Part three concentrates on the challenge to state sov-ereignty created by the proliferation of investment treaties and the significantrecent growth of investment treaty based arbitration cases Part four focuses onthe domestic and international effects of international financial intermediariesand markets Part five explores the tensions and intersections between the inter-national regulation of trade and investment, international human rights andstate sovereignty

Studies in International Trade Law: Volume 7

Studies in International Trade Law Titles in this series:

Volume 1 Basic Legal Instruments for the Liberalisation of Trade

Volume 4 Good Faith in the Jurisprudence of the WTO:

The Protection of Legitimate Expectations, Good Faith Interpretation

and Fair Dispute Settlement

Marion Panizzon

Volume 5 Globalisation and Labour Rights: The Conflict between Core

Labour Rights and International Economic Law

Christine Kaufmann

Volume 6 The World Trade Organization and Human Rights

Fiona Macmillan

Volume 7 Redefining Sovereignty in International Economic Law

Edited by Wenhua Shan, Penelope Simons and Dalvinder Singh

Volume 8 Law and Ethics in International Trade and Environment Debates

Ilona Cheney

Volume 9 Constitutionalism, Multilevel Trade Governance and

Social Regulation

Edited by Christian Joerges and Ernst-Ulrich Petersmann

Volume 10 The Human Rights Impact of the World Trade Organisation

James Harrison

Redefining Sovereignty in International Economic Law

Edited by Wenhua Shan Penelope Simons

and Dalvinder Singh

OXFORD AND PORTLAND, OREGON

2008

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at the conference We thank Mr Karl Falkenberg, Professor Francis Jacobs,Professor Dan Sarooshi, and Dr Hong Zhao for their thought-provoking pre-sentations Furthermore, we would like to thank Professor James Crawford,Whewell Professor of International Law, University of Cambridge for his sup-port during the symposium and for his keynote address at the conference dinner

on May 30th, 2007 We are indebted to Dr Lucy Vickers, Professor of Law andDirector of the Centre for Legal Research and Policy Studies for overseeing theplanning, organisation and management of the event, as well as to TamsinBarber, Conference Administrator, Jane Salisbury, Senior Law Administrator,and Nikki Bunce, Law Administrator at Oxford Brookes University The sup-port provided by the University (Professor Diana Woodhouse), the School ofSocial Sciences and Law, and the Department of Law (Professor Meryll Dean)was much appreciated Finally, we extend our sincere thanks to Richard Hartand Hart Publishing for supporting the conference and the publication of thiscollection

Shan, Simons and Singh March 2008, Oxford

Table of International and National Instruments xxvii

Part One: Sovereignty and International Economic Law

John H Jackson

2 State Sovereignty, Popular Sovereignty and Individual Sovereignty:

From Constitutional Nationalism to Multilevel Constitutionalism in

Part Two: Trade Liberalisation and WTO Reform

Mads Andenas and Stefan Zleptnig

Part Three: Investment Treaties and Investment Arbitration

9 The Neo-Liberal Agenda in Investment Arbitration: Its Rise,

M Sornarajah

10 International Investment Arbitration: A Threat to State Sovereignty? 225Joachim Karl

11 Calvo Doctrine, State Sovereignty and The Changing Landscape of

Wenhua Shan

Part Four: Banking Regulation and International Financial Institutions

Charles Chatterjee and Anna Lefcovitch

13 The Role of the IMF and World Bank in Financial Sector Reform and

Dalvinder Singh

14 International Financial Law and the New Sovereignty: Legal Arbitrage as an Emerging Dimension of Global Governance 363Jorge Guira

Part Five: Human Rights and International Economic Law

15 Re-Righting International Trade: Some Critical Thoughts on the

17 Realising Rights in an Era of Economic Globalisation:

Discourse Theory, Investor Rights, and Broad-Based

David Schneiderman

viii Contents

Mads Andenas is Professor of Law at the University of Leicester He was

Director of the British Institute of International and Comparative Law, Londonfor five years He is also a Senior Teaching Fellow in European Community Law

at the Institute of European and Comparative Law, University of Oxford, and aFellow of Harris Manchester College, University of Oxford and at the Institute

of Advanced Legal Studies, University of London He is General Editor of the

International and Comparative Law Quarterly (OUP) and of European Business Law Review (Kluwer Law International) His most recent work includes:

G Canivet, M Andenas and D Fairgrieve (eds), Judicial Independence and

Accountability (London, BIICL, 2006); G Alpa and M Andenas Fondamenti del diritto privato europeo (Milano, Guiffré, 2005); M Andenas, B Hess and

P Oberhammer (eds), Enforcement Agencies Practice in Europe (London,

BIICL, 2005)

Charles Chatterjee is a Professor of Law at London Metropolitan University He

is a Barrister in England and Wales He has an LLM from the University ofCambridge and an LLM and PhD from the University of London He has pub-lished a considerable number of books and articles on various issues of publicinternational law and international commercial law

An Chen is a Senior Professor of Law, Xiamen University School of Law, P R

China He is the Chairman of the Chinese Society of International EconomicLaw and an Arbitrator at the China International Economic and TradeArbitration Commission (CIETAC) and at the International Centre for theSettlement of Investment Disputes (ICSID) Professor Chen was a SeniorVisiting Scholar at Harvard Law School, 1981–1983 and has published numer-ous books and articles in international economic law

Jorge Guira Esq, BA, MA, JD, LLM, PhD is Director of the Warwick University

Programme in International Corporate Governance and Financial Regulation,and Associate Professor of International Economic and Financial Law He isalso a Senior Visiting Fellow at CCLS, Queen Mary College, University ofLondon

Robert Howse is Alene and Allan F Smith Professor of Law at the University of

Michigan Law School His recent books include The Regulation of

International Trade, co-authored with MJ Trebilcock (3rd edn London,

Routledge, 2005); The Federal Vision: Legitimacy and Levels of Governance in

the United States and the European Union co-edited with K Nicolaidis (Oxford,

OUP, 2001) and Alexandre Kojeve, B-P Frost (ed), B-P Frost and R Howse

(trans), Outline of a Phenomenology of Right (Lanham MD, Rowman and

Littlefield, 2000) He is series editor of the Oxford Commentaries on WTO Law

and serves on the editorial advisory board of the European Journal of

International Law He is a frequent consultant or adviser to government

agen-cies and international organizations such as the OECD, UNCTAD, the American Development Bank, the International Centre for Trade andSustainable Development, the Law Commission of Canada and the UN Office

Inter-of the High Commissioner for Human Rights

John Jackson is a University Professor of Law at Georgetown University Law

Centre and Sometime HE Yntema Professor of Law at the University ofMichigan Over the years, he has advised the US and various foreign govern-ments, international organizations, and in 2000, served as chairperson of aWTO panel for a trade dispute settlement procedure Professor Jackson has

served as a member of the board of editors for the American Journal of

International Law, Law and Policy in International Business, International Tax

& Business Lawyer, Fordham International Law Journal, and the Maryland Journal of International Law & Trade He is a member of the editorial board

for The World Economy and a past member of the editorial boards for the International Bar Association and the Journal of World Trade Law He is the editor in chief and a founding editor of the Journal of International Economic

Law.

Joachim Karl is a Legal Affairs Officer in the Division on Investment,

Technology and Enterprise Development of UNCTAD Before joining the UN

in November 2005, he worked for seven years on international investment ters at the OECD and the Energy Charter Secretariat in Brussels Dr Karl holds

mat-a PhD in internmat-ationmat-al lmat-aw from the University of Konstmat-anz in Germmat-any, mat-and mat-aMasters of Public Administration from Harvard’s JF Kennedy School ofGovernment He has written numerous articles on international investmentissues

Andrew Lang is a Lecturer in Law at the Department of Law, London School of

Economics, teaching Public International Law, with a specialty in InternationalEconomic Law He has a combined BA/LLB degree from the University ofSydney, and his PhD from the University of Cambridge From 2004–2006, hewas the Gott Research Fellow in Law at Trinity Hall, University of Cambridge

He has published on a variety of issues related to the legal aspects of national trade

inter-Anna Lefcovitch, is a Solicitor at EC Harris, UK.

Vaughan Lowe is Chichele Professor of Public International Law, and a Fellow

of All Souls College, University of Oxford He also practices in the field of national law as a barrister from Essex Court Chambers, London, and hasappeared in cases before the English courts, international arbitral tribunals, the

inter-x Contributors

European Court of Human Rights, the Inter-American Commission of HumanRights, the International Tribunal on the Law of the Sea, and the InternationalCourt of Justice He has been a member of arbitral tribunals constituted underthe UN Law of the Sea Convention and NAFTA, and is an associé of the Institut

de droit international

Philip Nichols is an Associate Professor of Legal Studies and Business Ethics at

The Wharton School of the University of Pennsylvania Professor Nichols hasconducted extensive fieldwork in Central America, Central Asia, East Asia, andthe former Soviet Union He also spent a year as a visiting professor at theNational University of Mongolia Professor Nichols’ current projects include acomparison of sovereignty in Europe and China, and the creation of codes ofconduct for local businesses in Central America

Ernst-Ulrich Petersmann is Professor of International and European Law at the

European University Institute and joint chair at the Robert Schuman Centre forAdvanced Studies, Florence He was previously professor at the University ofGeneva and its Graduate Institute of International Studies, and legal adviser in

the GATT and WTO Recent publications include: Developing Countries in the

Doha Round: WTO Decision-Making Procedures and Negotiations on Trade

in Agriculture and Services (Fiesole, EUI/RSC, 2005); Reforming the World Trading System: Legitimacy, Efficiency and Democratic Governance, (Oxford,

OUP, 2005); The WTO Dispute Settlement System 1995–2003, (co-edited with

F Ortino), (Amsterdam, Kluwer, 2004); Transatlantic Economic Disputes The

EU, the US and the WTO, (co-edited with MA Polack), (Oxford, OUP, 2003)

Asif Qureshi is Professor of International Economic Law at the University of

Manchester A barrister since 1978, he has acted as a consultant on WTO law

to and for various governments and international organisations including,Pakistan (1998, 2000, 2003), Saudi-Arabia (2001), GCC (1987), the UNDP(1998), the Asian Development Bank (2000), UNCTAD (2001), theCommonwealth Secretariat (2001, 2002, 2003), the Islamic Development Bank(1999), the CTLD (2003), ICTSD (2003), the WTO (1999, 2004), and Cambodia(2005) He is currently working on a book on an aspect of WTO Law for

Cambridge University Press, and on a second edition of his book, International

Economic Law for Sweet & Maxwell.

David Schneiderman is Associate Professor of Law and Political Science at the

University of Toronto and is currently visiting sabbatical scholar at GeorgetownUniversity Law Center He has authored numerous articles on Canadian consti-tutional law and history, comparative constitutional law, and economic global-

ization and constitutionalism His most recent publications include, The Last

Word: Media Coverage of the Supreme Court of Canada (with F Sauvageau and

D Taras) (Vancouver, UBC Press, 2006) and Constitutionalizing Economic

Globalization: Investment Rules and Democracy’s Promise (Cambridge, CUP,

2008)

Contributors xi

Wenhua Shan is a Professor of Law at Oxford Brookes University, a University

Professor of Law and the Dean of the School of Law of Xi’an JiaotongUniversity, and a visiting University Chair Professor in Law, Xiamen University,

PR China He has PhDs from both the University of Cambridge, and Xiamen

University Professor Shan is the Co-General-Editor of the China and

International Economic Law Series (Hart Publishing) and the ‘Overseas Chinese

Law Scholars Series’ (Peking University Press) His recent publications include

The Legal Framework of EU-China Investment Relations: A Critical Appraisal

(Hart Publishing, 2005), International Trade Law (vols I and II, Peking University Press, 2000, in Chinese), and Chinese Investment Treaties: Policy and

Practice (co-author, OUP, forthcoming).

Penelope Simons is an Associate Professor of Law at the Faculty of Law,

University of Ottawa, Canada She has an LLM and PhD in international lawfrom the University of Cambridge She was called to the British Columbia Bar

in 1996 and practiced corporate/commercial law with McCarthy Tétrault LLP.She subsequently, worked in the nongovernmental sector on peace and disar-mament issues She conducts research and has published on issues of stateresponsibility for extraterritorial corporate activity, corporate self-regulationand human rights, and the intersection of human rights, international economiclaw and transnational corporate activity, and is the co-author (with A Macklin

and G Gagnon) of The Governance Gap: Business and Human Rights in

Conflict Zones (London, Routledge, forthcoming).

Dalvinder Singh is an Associate Professor of Law, University of Warwick He

was formerly a Senior Lecturer in Law at Oxford Brookes University He is

Managing Editor of the Journal of Banking Regulation and an Associate

Research Fellow at the Institute of Advanced Legal Studies, University of

London He has acted as a consultant to the IMF, and is the author of Banking

Regulation of UK and US Financial Markets, (Aldershot, Ashgate, 2007) and

editor (with A Campbell, JR LaBrosse and DG Mayes) Deposit Insurance

(Basingstoke, Palgrave Macmillan, 2007)

M Sornarajah is a Professor at the Faculty of Law of the National University of

Singapore He is also a Fellow at the Centre for Energy, Petroleum and MineralLaw and Policy at the University of Dundee, Scotland, where he teaches courses

on International Arbitration and International Investment Law He has beenconsultant to the United Nations Conference on Trade and Development onMultilateral Investment Treaties and was consultant to the United NationsDevelopment Programme and the Ministry of Justice of Vietnam He is the

author of Pursuit of Nationalized Property (Dordrecht and Boston, Martinus Nijhoff, 1986), International Commercial Arbitration: The Problem of State

Contracts (Singapore, Longman 1990), Law of International Joint Ventures

(Singapore, Longman Singapore, 1992), The International Law on Foreign

Investment (2nd edn Cambridge CUP 2004), The Settlement of Foreign

xii Contributors

Investment Disputes (The Hague, Kluwer Law International, 2000) and several

articles on international law, international investment law, criminal law andother areas

Stefan Zleptnig is a Research Fellow at British Institute of International and

Comparative Law, London

Contributors xiii

List of Tables, Figures and Boxes

Tables

Table 1: Changes in Domestic Legislation (1991–2005)

Table 2: Increase in BITs by End 1990s (1959–1999)

Table 3: BITs (1990–2004)

Table 4: US BITs with Latin American States

Table 5: Latin American Members of the ICSID Convention

Table 6: Restrictive Measures Adopted 2000–2005

Table 7: Summary of Key Rights and Obligations of Foreign Investors, HostStates and Home States

Box 3: Limiting Access to Arbitration—Procedural Preconditions

Box 4: Arbitration Awards—Consistency and predictability

List of Abbreviations

ASEAN Association of South Eastern Asian Nations

Bafin Bundesanstalt fur Finanzdienstleistungsaufsicht

CESCR United Nations Committee on Economic, Social and Cultural

Rights

CODESA Convention for a Democratic South Africa

Commission

and Fundamental Freedoms

ESC Rights Economic, Social and Cultural Rights

FAO Food and Agriculture Organization of the United Nations

FSSA Financial System Stability Assessment

FTAA Free Trade Agreement of the Americas

IATP Institute for Agriculture and Trade Policy

ICCANN Internet Corporation for Assigned Names and NumbersICCPR International Covenant on Civil and Political RightsICESCR International Covenant on Economic, Social and Cultural

RightsICSID International Centre for the Settlement of Investment DisputesIFRS International Financial Reporting Standards

IISD International Institute for Sustainable Development

IOSCO International Organisation of Securities Commissioners

OHCHR Office of the High Commissioner for Human Rights

PTIAs preferential trade and investment agreements

xviii List of Abbreviations

SPS Sanitary and Phytosanitary Measures

SPS Agreement on the Application of Sanitary and Phytosanitary

Measures

SSM Special Safeguard Mechanism (for Developing Countries)

TCE Treaty Establishing a Constitution for Europe

TRIPs Trade-Related Aspects of Intellectual Property Rights

UNCITRAL United Nations Commission on International Trade LawUNCTAD United Nations Conference on Trade and Development

UNESCO United Nations Scientific and Cultural Organization

List of Abbreviations xix

Bosphorus Hava Yollari Turizm Ticaret AS v Minister for

Transport, Energy and Communications, Ireland,

Case C–84/95; [1996] ECR I–3953 (ECJ) 31Bosphorus v Ireland, App No 45036/98, 30 Jun 2005 (ECtHR) 31, 48, 49Commission v Denmark, Case 302/86; [1988] ECR 4607 177Commission v Germany, Case 178/84; [1987] ECR 1227 (ECJ) 176

Danish Bottles case see Commission v Denmark

de Peijper, Case 104/75; [1976] ECR 613 (ECJ) 176Familiapress, Case C–368/95; [1997] I–3689 (ECJ) 176Fiamm and Another v Council of the European Communities

and Another (Spain intervening) [2006] 2 CMLR (ECJ) 55

German Beer case see Commission v Germany, Case 178/84

Hauer, Case 44/79; [1979] ECR 3727 177Hauptzollamt Mainz v CA Kupferberg & Cie KG a.A., Case 104/81;

[1982] ECR 3641 (ECJ) 55Kadi v Council and Commission, Case T–315/01;

CMLR 1334 (CFI) 31, 49, 55Opel Austria GmbH v EU Council (Austria and EC Commission

intervening), Case T–115/94; [1997] 1 CMLR 733 (ECJ) 54Pfizer, Case T–13/99; [2002] ECR II–3305 177Rewe (Cassis de Dijon), Case 120/78; [1979] ECR 649 (ECJ) 176Schindler [1994], Case C–275/92; [1994] ECR I–1039 (ECJ) 176Schmitt, Case C–240/95 [1996] ECR I–3179 175Seco, Joined Cases 62 and 63/81; [1982] ECR 223 175Stoke-on-Trent, Case C–169/91; [1992] ECR I–6625 176, 177Yusuf v Council and Commission [2005], Case T–306/01;

CMLR 1334 (CFI) 31, 49, 55Zenatti, Case C–67/98; [1999] ECR I–07289 177

State of Kerala v NM Thomas, AIR 1976 SC 490 (SC) 441

Republic of South Africa

Certification of the Amended Text of the Constitution of the Republic of South Africa, In rte (1996) (2) SA 97 (4 Dec) 435Certification of the Constitution of the Republic of South Africa,

In re (1996) (4) SA 744 (6 Sept) 435Minister of Finance v Van Heerden 2004 (6) SA 121

(Constitutional Court of South Africa) 441

United Kingdom

Hedley Byrne & Co v Heller & Partners Limited [1964] AC 465 (HL) 317Shayler v R [2002] 2 WLR 754 (HL) 176

United States of America

Allied Bank Int’l v Banco Credito Agricola, 566 F Supp 1440 (S.D.N.Y., 1983) 70Canal Zone v Scott, 502 F.2d 566 (5th Cir 1974) 151

de Guyana (CVG), 15 Jul 2004 (Supreme Ct) 281, 295, 297

Amco Asia Corporation v Republic of Indonesia (Amoco v Indonesia),

Decision on Jurisdiction 25 Sept 1983, (1983) 1 ICSID Rep 389 220, 222American Manufacturing and Trading Inc v Zaire, ICSID Case

No ARB/93/1, Award 21 Feb 1997, (1997) 15 ICSID Rep 14 210Asian Agricultural Products Ltd v Sri Lanka, ICSID Case

No ARB/87/3, Final Award of 27 Jun 1990 204, 210Case Concerning Elettronica Sicula SpA (ELSI) (United States v Italy)

(Merits), [1989] ICJ Rep 15 221Ceskoslovenska Obchodni Banka AS v Slovak Republic, Case

No ARB/97/4, Decision of the Tribunal on the Objections to

Jurisdiction of 24 May 1999, (2000) 14 ICSID Rev–Foreign Inv LJ 251 290Ceskoslovenska Obchodni Banka AS v The Slovak Republic,

ICSID Case No ARB/97/4, Decision on the Further and Partial

Objection to Jurisdiction (1 Dec 2000) 258CME Czech Republic v Czech Republic, UNCITRAL, Partial

Award of 13 Sept 2001 233, 237CMS Gas Transmission Co v Republic of Argentina,

Decision on Objections to Jurisdiction, ICSID

ARB/01/8, (2003) 42 ILM 788 73, 268, 285, 286, 287Compañia del Desarrollo de Santa Elena SA v Republic of

Costa Rica, ICSID Case No ARB/96/1, Award of 17 Feb 2000

(and Rectification of Award of 8 Jun 2000), (2000) 15 ICSID

Rev–FILJ 169 212Customs Régime between Germany and Austria (Protocol of

19 March 1931) (Advisory Opinion) PCIJ Rep Series A/B No 41 78, 79Czech Republic v CME Czech Republic, (2003) 42 ILM 919 (CA) 233, 237Case Concerning the Arrest Warrant of 11 April 2000 (Democratic

Republic of Congo v Belgium), (2002) 41 ILM 536 (ICJ),

14 Feb 2002 4Emilio Agustin Maffezini v Kingdom of Spain, Case No ARB/97/7,

Decision on Objections to Jurisdiction of 25 Jan 2000, (2002)16

ICSID Rev–FILJ 212: (2002) 5 ICSID Rep 396; (2003) 124 ILR 9 213, 265Emilio Agustin Maffezini v Kingdom of Spain, ICSID Case

No ARB/97/7, Award of 13 Nov 2000; Rectification of Award of

31 Jan 2001 236Ethyl Corporation v The Government of Canada, UNCITRAL,

Award on Jurisdiction of 24 Jun 1998, (1998) 37 ILM 1378 214, 235Fedax NV v Venezuela (Bolivarian Republic of), ICSID Case

No ARB/96/3, Decision on Jurisdiction 11 Jul 1997 211GATT, Canada: Measures Affecting Exports of Unprocessed

Herring and Salmon—Report of the Panel (22 March 1988)

L/6268-35S/98 182GATT, Thailand: Restrictions on Importation and Internal Taxes on

Cigarettes—Report of the Panel (7 November 1990) DS10/R-37S/200 180

Table of Cases xxiii

Gruslin (Philippe) v Malaysia, ICSID Case No ARB/99/3, Final Award

27 November 2000, (2002) 5 ICSID Rep 484 215Island of Palmas Case (Netherlands v USA) (1928) 2 RIAA 829 77Lance Paul Larsen v Kingdom of Hawaii (2001) (Perm Ct Arb) 150Lanco International Inc v Argentine Republic, Case ARB/97/6, PreliminaryDecision on Jurisdiction of 8 Dec 1998, 40 ILM 457 (2001) 285, 286

Lauder/CME cases see CME Czech Republic v Czech Republic; Czech

Republic v CME Czech Republic; Ronald S Lauder v Czech RepublicLegality of Threat or Use of Nuclear Weapons (Advisory Opinion) [1996] ICJ Rep 226 78, 209LG&E v Argentina, ICSID Case No ARB/02/1, Decision on

Liability of 3 Oct 2006 203, 215Loewen Group Inc and Raymond L Loewen v United States of

America, ICSID Case No ARB (AF)/98/3, (NAFTA) Award

of 26 Jun 2003, (2003) 42 ILM 811 216, 235Marvin Roy Feldman v The United Mexican States, ICSID

Case No ARB/(AF)99/1, Award on Merits of 16 Dec 2002 236MBV v Resil 292Metalclad Corporation v United Mexican States, ICSID Case

No ARB (AF)/97/1, Award of 30 Aug 2000, (2001) 16 ICSID Rev–FILJ 168 212, 235, 310Methanex v United States of America, UNCITRAL

(NAFTA) Award of 3 Aug 2005, (2005)

44 ILM 1345 212, 213, 214, 236, 442Mondev International Ltd v United States of America,

ICSID Case No ARB (AF)/99/2 (NAFTA), Award of

11 Oct 2002, (2004) 6 ICSID Rep 192 217MTD Equity Sdn Bhd & MTD Chile SA v Chile, ICSID

Case ARB/01/7, Award of 25 May 2004 235Neer claim (United States v Mexico) (1926) 4 RIIA 60 217, 218Military and Paramilitary Activities in and against Nicaragua

(Nicaragua v United States), [1986] ICJ Rep 14 78Plama Consortium Limited v Bulgaria, ICSID Case

No ARB/03/24, Decision on Jurisdiction of 8 Feb 2005, (2005) 20 ICSID Rev–FILJ 262; (2005) 44 ILM 721 236, 265Pope & Talbot Inc v Canada, Interim Award, 26 Jun 2000 310Pope & Talbot Inc v Canada, UNCITRAL (NAFTA) Award

of 10 Apr 2001 13, (2001) 13 World Trade & Arb Mat’l 61 216, 217, 299Ronald S Lauder v Czech Republic, UNCITRAL, Final Award

of 3 Sept 2001 233, 237Salini Costruttori SpA and Italstrade SpA v Hashemite Kingdom

of Jordan, Case No ARB/02/13, Decision of the Tribunal on Jurisdiction of 29 Nov 2004, (2005) 20 ICSID Rev–FILJ 148;

(2005) 44 ILM 569 236, 265

xxiv Table of Cases

SD Myers Inc v Canada, UNCITRAL (NAFTA), First

Partial Award of 13 Nov 2000, (2001) 40 ILM 1408 236, 310, 441SGS Société Générale de Surveillance SA v Islamic Republic of

Pakistan, ICSID Case No ARB/01/13, Decision of 6 Aug 2003 237SGS Société Générale de Surveillance SA v Republic of the Philippines, ICSID Case No ARB/02/6, Decision on Jurisdiction of 29 Jan 2004 237Siemens v Argentina, ICSID Case No ARB/02/8, Decision on

Jurisdiction of 3 Aug 2004, (2005) 44 ILM 138 213, 236Case of the SS ‘Wimbledon’ (1923) PCIJ Rep Ser A No 1 25 80Suez, Sociedad General de Aguas de Barcelona S.A and

Vivendi Universal S.A v Argentina, ICSID Case No ARB/03/19 73Technica Medioambientales Techmed SA v Mexico, ICSID Case No

ARB (AF)/00/2, Award of 29 May 2003 (2004) 43 ILM 133 212, 235Tokios Tokelés v Ukraine, ICSID Case No ARB/02/18,

Decision on Jurisdiction of 29 Apr 2004 211Salem Case (United States v Egypt) (1932) 2 RIAA 1161 78WTO, Australia: Measures Affecting Importation of

Salmon—Appellate Body Report (Australia-Salmon)

(6 November 1998) WT/DS18/AB/R 186, 187WTO, Canada: Patent Protection of Pharmaceutical Products—

Panel Report (Canada-Pharmaceutical Patents) (7 April 2000)

WT/DS114/R 188WTO, Dominican Republic: Measures Affecting the Importation

and Internal Sale of Cigarettes—Appellate Body Report

(Dominican Republic—Cigarettes), WT/DS302/AB/R, 25 April 2005 181WTO, European Communities: Customs Classification of Frozen

Boneless Chicken Cuts—Appellate Body Report (EC–Chicken Cuts) (12 September 2005) WT/DS269/AB/R and WT/DS286/AB/R 56WTO, European Communities: Measures Affecting Asbestos

and Asbestos-Containing Products—Appellate Body Report

(EC-Asbestos) (5 April 2001) WT/DS135/AB/R 179, 181, 189WTO, European Communities: Measures Concerning Meat

and Meat Products—Appellate Body Report (EC-Hormones)

(16 January 1998) WT/DS26/AB/R and WT/DS48/AB/R 185, 186, 187

WTO, European Communities: Trade Description of Sardines—

Panel Report (EC-Sardines) (29 May 2002) WT/DS231/R 188, 189WTO, European Communities: Trade Description of Sardines—

Appellate Body Report (EC-Sardines) (26 September 2002)

WT/DS231/AB/R 188, 189WTO, Japan: Affecting the Importation of Apples—Appellate

Body Report (Japan-Apples) (10 December 2003) WT/DS245/AB/R 185WTO, Korea: Measures Affecting Imports of Fresh, Chilled and

Frozen Beef—Appellate Body Report (Korea-Beef)

(10 January 2001) WT/DS161/AB/R 180, 181, 182, 189

Table of Cases xxv

WTO, United States: Definitive Safeguard Measures on Imports

of Certain Steel Products – Request for Consultations by Chinese Taipei (11 November 2002) WT/DS274/1 88, 91WTO, United States: Import Prohibition of Certain Shrimp and

Shrimp Products—Appellate Body Report (US–Shrimp) (6 November 1998) WT/DS58/AB/R 163, 182, 183WTO, United States: Measures Affecting the Cross-Border

Supply of Gambling and Betting Services—Appellate Body Report (US-Gambling) (7 April 2005) WT/DS285/AB/R 179, 181WTO, United States: Standards for Reformulated and

Conventional Gasoline—Appellate Body Report (US-Gasoline) (20 May 1996) WT/DS2/AB/R 179, 180, 182, 183WTO, US: Subsidies and Other Domestic Support for Corn

and Other Agricultural Products—Request for Consultations

by Canada (US-Agriculture Subsidies) (11 Jan 2007) WT/DS357/1 419WTO, US: Subsidies on Upland Cotton—Report of the Panel

(US–Upland Cotton) (8 Sept 2004) WT/DS267/R 408WTO, US: Subsidies on Upland Cotton—Report of the Appellate

Body (US–Upland Cotton) (3 March 2005) WT/DS267/AB/R 408

xxvi Table of Cases

Table of International and National Instruments

s 20 266

s 27 287, 288

s 75 287

s 75.22 287, 288Decree No 966/2003 290Decree No 1021/96 290Decree No 1853/93 266Economic Emergency Act 1989 267Emergency Law No 25561 (2002)

BO arts 2–5 284

BO arts 8–9 284Foreign Investment Law 1993 (No 21382) 266art 2 267State Reform Act 1989 267

Bolivia

Constitution 269art 24 268Foreign Investment Law (Law No 1182) 268art 2 268art 10 268Law No 1770 1997 269Presidential Supreme Decree 28701 (2006) 294

Arbitration Act 1996 270, 292, 293arts 6–7 292arts 41–42 292Constitution 1988 269Constitution 1998 270, 292art 5 269, 293Amendment 52 (2006) 269Decree No 55762 (1965) 269art 2 269Law No 4131 (1962) 269art 2 269Public-Private Partnership Law 2004 (Fed Law 11079) 268, 270, 282, 292, 293art 11 293

Chile

Constitution 1980 271Foreign Investment Statute, arts 9–10 271

People’s Republic of China

Civil Procedural Law, art 246 253Contract Law, art 126 253Foreign Trade Law, art 7 109

Colombia

Constitution 272, 273art 58 273art 100 272art 241 273Amendment (1999) 274Decree 2279 (1989) 272Law No 9 (1991) 272art 15 272Law No 246/95 273Statute of Foreign Investment

art 3 272art 23 272, 273art 23(2) 273

xxviii Table of International and National Instruments

Foreign Trade and Investment Law 274Law on Investment Promotion and Guarantees 274art 13 274art 32 275Political Constitution of the Republic of Ecuador (1979)

art 14 274art 16 275Political Constitution of the Republic of Ecuador (1998) 274, 275art 13 274art 14 275art 15 274

European Union

Charter of Fundamental Rights 2000 37, 46, 49, 54Titles I–VI 54art II–66 52

EC Treaty 37, 39, 40, 52, 54art 28 174art 46 55Treaty Establishing a Constitution for Europe 2004 37, 46Part I 37art I–2 37, 54art I–3 58art I–9, para 3 47art I–47 53Treaty on European Union 1993 (Maastricht), art 2 54Directive 93/6/EEC (Capital Adequacy) 374, 376Directive 2000/12/EC (Consolidated Banking) 374Directive 2001/34/EC 365Directive 2002/1606/EC 369Directive 2003/6/EC (Market Abuse) 369Directive 2003/71/EC (Prospectus) 365, 369, 370, 371, 372Directive 2004/72/EC (Market Abuse) 369, 372Directive 2006/48/EC (Capital Requirements) 374, 377Directive 2006/49/EC (Capital Requirements) 374, 377Directive (Transparency) 370

Table of International and National Instruments xxix

Basic Law 49, 50art 2:1 49, 51art 93:1 51

Mexico

Code of Civil Procedure of the Federal District 276Constitution 277art 27 275art 33 275Chapter I, Title I 275Federal Code of Civil Procedure 276Foreign Investment Law 1973 276art 3 276Foreign Investment Law 1993 276Foreign Investment Regulations 1989 276Foreign Investment Regulations 1998 276art 31 276Law Regarding the Making of Treaties 1992 276, 277

Peru

Constitution 1933, art 31 252Legislative Decree No 662 (1991) 277Preamble 277art 2 277, 278art 16 278art 31 278Political Constitution of the Republic of Peru 1993 277, 278art 63 278art 63(1)–(2) 277

Republic of South Africa

Black Economic Empowerment Act, Preamble 438Constitution 1993 (Act 200) 434, 435, 440Constitution 1996 (Act 108) 434, 435, 440

s 9 442

s 9(2) 438, 439

xxx Table of International and National Instruments

Financial Institutions Act 2004 352

United Kingdom

Companies Act 1985, s 425 368Financial Services and Markets Act 2000 353Human Rights Act 1998 176Official Secrets Act 1989 176Prospectus Regulations 2005 (SI 2005/1433) 365Explanatory memorandum 371

United States of America

Africa Growth and Opportunity Act 2000 439AGOA Acceleration Act 2004 439Constitution 15, 16, 38, 1335th Amendment 44014th Amendment 440Federal Reserve Regulation Q 1963 366Omnibus Trade and Competitiveness Act of 1988 108

ss 301–310 108Sarbanes Oxley Act 2002 367

s 404 367

s 409 369Security and Exchange Act 1934

r 12g–4 368

r 12h–2 368Trade Act 1974 110, 115, 116, 118, 119,

Code of Civil Procedure 297Constitution 1961, art 127 296, 297Constitution 1999 279, 280, 281, 296art 151 279, 280, 281, 297, 298art 155 280art 301 279Instructive Order No 4 2001297

Investment Protection and Promotion Law 1999 279, 280arts 6–10 279arts 21–23 280, 281

International

Agreement on Safeguards see WTO Agreement on Safeguards

Agreement on the Application of Sanitary and Phytosanitary Measures

see WTO Agreement on the Application of Sanitary and

Phytosanitary MeasuresAmerican Convention on Human Rights 288

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American Declaration of the Rights and Duties of Man 288Andean Pact 260, 261, 264Common Code for the Treatment of Foreign Capital and on Trademarks, Patents, Licenses, and Royalties (1991) (Decision 291) 261art 2 261Common Foreign Investment and Technology

Licensing Code (1987) (Decision 220) 260, 261arts 33–34 261Common Regime of Treatment of Foreign Capital and of

Trademarks, Patents, Licenses, and Royalties (Decision 24)art 50 253, 260, 261art 51 253, 260Bilateral Investment Treaty

Argentina–Chile 228, 271Argentina–France 228Argentina–United Kingdom 228Argentina–USA 228, 260, 286art 7 259, 285art 10 259Australia–Chile 271Austria–Chile 271Belgium–Brazil 270Belgium–Chile 271Bolivia–Chile 271Bolivia–USA 260art 9 259Brazil–Chile 270, 271Brazil–Cuba 270Brazil–Denmark 270Brazil–Finland 270Brazil–France 270Brazil–Germany 270Brazil–Italy 270Brazil–Korea 270Brazil–Netherlands 270Brazil–Portugal 270Brazil–Switzerland 270Brazil–United Kingdom 270Brazil–Venezuela 270Chile–China 271Chile–Colombia 271Chile–Costa Rica 271Chile–Croatia 271Chile–Cuba 271

Table of International and National Instruments xxxiii

Bilateral Investment TreatyChile–Czech Republic 271Chile–Denmark 271Chile–Dominican Republic 271Chile–Ecuador 271Chile–Egypt 271Chile–El Salvador 271Chile–Finland 271Chile–France 271Chile–Germany 271Chile–Greece 271Chile–Guatemala 271Chile–Honduras 271Chile–Indonesia 271Chile–Italy 271Chile–Lebanon 271Chile–Malaysia 271Chile–Netherlands 271Chile–New Zealand 271Chile–Nicaragua 271Chile–Norway 271Chile–Panama 271Chile–Paraguay 271Chile–Peru 271Chile–Philippines 271Chile–Poland 271Chile–Portugal 271Chile–Romania 271Chile–South Africa 271Chile–Spain 271Chile–Sweden 271Chile–Switzerland 271Chile–Tunisia 271Chile–Turkey 271Chile–Ukraine 271Chile–United Kingdom 271Chile–Uruguay 271Chile–Venezuela 271Chile–Vietnam 271Colombia–Cuba 274Colombia–Peru 258, 264, 273Colombia–United Kingdom 273Ecuador–USA 228, 260, 275, 295, 312art 6 259

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El Salvador–USA 260art 9 259Germany–Poland 228Grenada–USA 260art 6 259Haiti–USA 260art 7 259Honduras–USA 260art 9 259Iran–South Africa 442Jamaica–USA 260art 6 259Nicaragua–USA 260art 7 259Paraguay–USA 260Amending Protocol 2000, art 1 259South Africa–Switzerland 442South Africa–United Kingdom 441Trinidad and Tobago–USA 260art 9 259UK–Mexico 208UK–Philippines 210UK–Sri Lanka 204, 210Uruguay–USA 260, 299, 300arts 3–10 259art 24 259art 30 259USA–Ukraine 228Compact of Free Association between the Marshall Islands and

Micronesia and the United States 81, 150Compact of Free Association between the United States and the

Government of Palau 151Convention against Torture and other Cruel, Inhuman or Degrading

Treatment or Punishment 288Convention on the Elimination of All Forms of Discrimination

against Women 288Convention Establishing the Multilateral

Investment Guarantee Agency 262, 264, 267, 269, 271,

273, 275, 277, 278, 280Convention on the Prevention and Punishment of the

Crime of Genocide 288Convention on the Rights of the Child 1989 288, 401art 27 401art 27(3) 401

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Convention on the Settlement of Investment Disputes between States and Nationals of Other States 204, 209, 243, 248, 262, 263, 264,

265, 267, 269, 273, 275, 277, 278,

280, 287, 288, 294, 311, 312art 25(1) 286arts 51–52 243art 54(1) 290Cotonou Agreement 10Covenant to Establish a Commonwealth of the Northern

Mariana Islands, 48 USC, para 1801, art 1 (2006) 151Decision on Measures Concerning the Possible Negative Effects of the

Reform Programme on Least-Developed and Net Food-ImportingDeveloping Countries in Final Act Embodying the Results of the Uruguay Round of Multilateral Trade Negotiations (Marrakesh Decision) LT/UR/D–1/2 423, 424

DSU see WTO Understanding on the Rules and Procedures Governing

the Settlement of DisputesEnergy Charter Treaty 226European Convention for the Protection of Human

Rights and Fundamental Freedoms 31, 47, 48, 49, 52,

172, 173, 174, 177art 1 31, 48Final Act Embodying the Results of the Uruguay

Round of Multilateral Trade Negotiations 1994 99, 102, 122,

124, 131, 132Free Trade Agreement

Japan–Philippines 204Republic of Korea–Singapore 226US–Australia 204US–Singapore 229General Agreement on Tariffs and Trade

(GATT, or GATT 1947) 10, 32, 36, 40, 41, 52, 54, 55, 65, 68,

91, 99, 100, 105, 110, 115, 119, 124,

133, 136, 152, 153, 154, 162, 171, 179,

180, 183, 190art 22 99art 22.1 115arts I–II 112arts II–III 28art XI.I 28art XIII 69art XIX:I 92art XX 178, 179, 180, 181, 182, 183, 184, 187, 191, 192

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art XX(a) 179art XX(b) 163, 179, 180, 182 art XX (c)–(f) 179art XX(d) 180, 181art XX(g) 182art XX(h)–(j) 179art XXII 99art XXIV 39art XXXIII 10GATT 1994 93, 119, 121, 122, 123arts I–III 119, 121, 122, 125art VI 419art VIII 119, 121, 122, 125art XI 69, 119, 121, 122, 125art XV 68art XV:4 68art XVI 419art XIX:1(a) 93

General Agreement on Trade in Services see WTO General Agreement

on Trade in ServicesInternational Chamber of Commerce (ICC) Arbitration Rules 297

ICESCR see International Covenant on Economic Social and Cultural Rights ICSID Convention see Convention on the Settlement of Investment

Disputes between States and Nationals of Other StatesIntellectual Property Rights Agreement 1995 109

Inter-American Convention on International Commercial Arbitration see

Panama ConventionInternational Convention on the Elimination of All Forms of Racial

Discrimination 288International Covenant on Civil and Political Rights … 288

art 1 28, 43International Covenant on Economic, Social and

Cultural Rights 45, 46, 288, 394, 401,

402, 403, 404, 425, 427Preamble 28art 1 28, 43art 2 402, 403art 2(1) 403art 11 402art 11(2) 401

Kyoto Protocol see UN Framework Convention on Climate Change

Lóme Convention 113, 116Marrakesh Agreement Establishing the World Trade Organisation 1994

see WTO Agreement 1994

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Marrakesh Decision see Decision on Measures Concerning the Possible

Negative Effects of the Reform Programme on Least-Developed andNet-Food Importing Developing Countries in Final Act Embodying theResults of the Uruguay Round of Multilateral Trade NegotiationsLT/UR/D–1/2 <http://docsonline.wto.org>

MERCOSUR Protocols see Treaty Establishing a Common Market

between the Argentine Republic, the Federal Republic of Brazil, theRepublic of Paraguay and the Eastern Republic of Uruguay (1991)

MIGA Convention see Convention Establishing the Multilateral Investment

Guarantee Agency

NAFTA see North American Free Trade Agreement

New York Convention on the Recognition and Enforcement of Foreign Awards 262, 264, 267, 269, 271,

273, 275, 277, 278, 280, 292North American Free Trade Agreement 72, 212, 226, 230, 233,

244, 265, 276, 299, 310Chapter 11 276, 298, 307, 439, 440 OECD Multilateral Agreement on Investment 203, 204Panama Convention 267, 269, 271, 277, 278, 280Rome Declaration of the World Food Summit 1996 403Rome Statute of the International Criminal Court 59

SPS Agreement see WTO Agreement on the Application of Sanitary and

Phytosanitary Measures

Agreement on Technical Barriers to Trade see WTO Agreement on

Technical Barriers to TradeTreaty Establishing a Common Market between the Argentine Republic, theFederal Republic of Brazil, the Republic of Paraguay and the EasternRepublic of Uruguay (MERCOSUR Treaty) 226, 261Buenos Aires Protocol 261, 262, 264, 267, 270art 2(c) 262art 2(h) 262art 2(h)(4) 262Colonia Protocol 264, 267, 270Treaty establishing a Constitution for Europe 2004

Part II 54art I–3, para 4 51art I–4 50art I–47 53Treaty of St Germain, art 88 78Treaty of Westphalia 8, 148, 149

TRIPS Agreement see WTO Agreement on Trade-related Aspects of

Intellectual Property Rights Trusteeship Agreement for the Former Japanese Mandated Islands 150

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UN Charter 5, 19, 134Preamble 27Chapter V 27art 2 28

art 103 55art II–7 164

UN Charter of Economic Rights and Duties of States 254

UN Convention on Biological Diversity 59

UN Framework Convention on Climate Change 106Kyoto Protocol 102UNESCO Convention on the Protection and Promotion of the

Diversity of Cultural Expressions 59UNGA Res 1803 (XVII) (14 December 1972) 306, 307UNGA Res 3171 (XXVIII) (17 December 1973) 254UNGA Res 3281 (XXIX) (15 January 1975) 306, 307art 2(2) 254Universal Declaration of Human Rights 288art 1 42, 43art 3 52art 21 43art 21(1) 52art 21(3) 52art 25 401art 28 53

Uruguay Round Agreement see Final Act Embodying the Results of

the Uruguay Round of Multilateral Trade Negotiations 1994US–Japan Automotive Agreement 1995 113Vienna Convention on the Law of Treaties 1980 41art 26(2) 290art 27 289art 31 56, 130, 133, 164, 167, 168art 31(3)(c) 167art 32 164, 167art 46 289art 53 49Vienna Declaration and Programme of Action 1993 48WTO Agreement 1994 21, 39, 53, 93, 96, 98, 99, 100,

102, 103, 110, 111, 112, 113, 114, 118,

119, 121, 124, 126, 133, 148, 164Preamble 39, 137art XII 10, 152art XV:1 102art XVI.4 120, 121, 122, 137Annex 2, art 16(4) 91

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