The Influence of International Investment Patterns in International Economic Law Rulemaking: A Preliminary Sketch
- Roberto Echandi and Maree Newson
- 2014/12/17
- 已被閱讀 259次
- Journal of International Economic Law, Vol. 17 (4), Dec. 2014, pp. 847
Historically, international investment law has tended to evolve separately from the international trade system.1 This fact has led the specialized expertise in both fields to rarely interact with each other, leading to an artificial and ‘compartmentalized’ vision of these two fundamental areas of international economic law and policy. Indeed, despite their particular features and complexities, international trade and international investment, which for a long time were viewed as substitutes, are no longer two competitive but rather complementary ways to serve and integrate international markets.2 Within this context, over the past decade, literature has acknowledged the need to assess and study both international investment and international trade with a more integrated approach, attempting to find potential synergies between the two.3 Furthermore, over the past century, international investment law has evolved on the basis of a patchy, multilayered, and not always coherent legal framework. Contrary to trade, there is not a comprehensive multilateral agreement on investment, and World Trade Organization (WTO) disciplines only apply partially to some dimensions of investment activity. Instead, international rule making has taken place through a web of thousands of bilateral, regional, and plurilateral agreements. This complexity generates multiple challenges, the discussion of which has attracted the attention of the legal and political economy literature over the past decade. One of the key legacies of Prof. John H. Jackson's scholarship is the idea that in an increasingly interactive and interdependent world economy, a rule-oriented international system is needed in place of power-oriented relationships to foster stability, growth, and peaceful international coexistence.4 Thus, International Economic Law should constantly adjust and evolve to respond to the challenges posed by an ever more complex and interrelated international economic reality. This article is based on the premise that the current ‘compartmentalized’ vision of investment and trade law no …
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