Transparency of Foreign Investment; Redefining the Meaning of the Principle of Transparency in International Investment Law

دانشنامه حقوق اقتصادی

Volume 28, Issue 19, February 2022, Pages 37-61   

Document Type: Scientific research

DOI: 10.22067/lowecon.2022.41769

Authors

S. Ali Hosseiniazad^* ; Pouria Askari,

Abstract

 
Abstract
As a traditional approach in the international investment law transparency has always been defined as an obligation of host states in order to create more protection for foreign investors. This aspect of transparency has been recognized in international investment law as a rule. Currently and alongside with advancement of some discourses such as fight against corruption, human rights, good governance, CSR and corporate governance, a new trend has been formed in international investment law according to which the foreign investors are also under an obligation to remain transparent.
This article with a focus on the background of this shift will analyze the details of this new obligation for the foreign investors. The article relying on a descriptive–analytical approach will provide an in-depth study of both the content of legal instruments including the recently signed BITs as well as the case-law of the investment tribunals to indicate that how the transparency as a global obligation is reflected in theory and practice of international investment law.
The studies finally show that world community is going toward recognizing and strengthening wide variety of obligations, inter alia, transparency for foreign investors.
 

Keywords

Keywords: Principle of Transparency; Foreign Investment; International Investment Law;   Responsibility of investor; fight against corruption

References

References

 

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• Askari, Pouria (2015), the Law of Foreign Investment in International Arbitration Practice, Tehran, the SD Institute of Law Research and Study. (in persian)
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1. Articles

• Ansari Mahyari, Alireza and Leila Raisi (2018), “International Standards of Foreign Investment Protection”, Journal Encyclopedia of Economic Law, No. 13. (in persian)
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1. International instruments

• Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, Adopted by the OECD Negotiating Conference on 21 November 1997, Entry into force 15 February 1999
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• Azerbaijan - Croatia BIT (2007)
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• Azerbaijan - Syrian Arab Republic BIT (2009)
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• Iran, Islamic Republic of - Japan BIT (2016)
• Iran, Islamic Republic of - Slovakia BIT (2016)
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1. International reports

• UNCTAD, Fair and equitable treatment, UNCTAD Series, Vol. III, United Nations Publications, New York and Geneva, 1999
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1. Cases

• Alex Genin and others v. Republic of Estonia (ICSID Case No. ARB/99/2), Award of June 25, 2001
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• Plama Consortium Limited v. Republic of Bulgaria (ICSID Case No. ARB/03/24), Award of August 27, 2008
• Siemens A.G. v. The Argentine Republic, ICSID Case No. ARB/02/8, Award of January 17, 2007
• Stadtwerke München GmbH, RWE Innogy GmbH, and others v. Kingdom of Spain (ICSID Case No. ARB/15/1), Award of 2 December 2019
• Técnicas Medioambientales Tecmed, S.A. v. United Mexican States (ICSID Case No. ARB(AF)/00/2), Award of May 29, 2003
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• World Duty Free Company Limited v. Republic of Kenya, ICSID Case No. ARB/00/7, Award, 4 October 2006