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Law-Making Options to Address the Interpretive Problems of Investment Treaties

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Chapter Summary

This chapter focuses on the available law-making options for states parties. It examines the rationale for states to sign investment treaties to provide a basis for a cost-benefit analysis of the options. Contemporary studies on economic and institutional effects of investment treaties on states parties are conflicting and awaiting a definite answer on actual benefits of the treaties. The chapter explores three legislative options for states parties. First, they can terminate the treaties. Second, they can opt out of the mechanism imposing expansive interpretations of the treaties by removing the provisions on investor-state arbitration. Third, they can clarify and modify their commitments through the process of renegotiating existing investment treaties, drafting new model treaty and signing treaties in the modern form, rather than the traditional form. The chapter examines a case study: the legislative choice of the ASEAN countries with their new regional investment treaty.

Keywords: ASEAN countries; cost-benefit analysis; investment treaties; law-making options



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