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International Law on Foreign Investment: Neo-Colonialism or Economic Progress?
This paper aims to examine the historical and contemporary causes of global economic imbalances, focusing on the legacy of colonization and its informal continuation into the modern investment system; It argues that the current economic disparities between the overdeveloped countries and the develop...
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AUC Knowledge Fountain
2025
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| Summary: | This paper aims to examine the historical and contemporary causes of global economic imbalances, focusing on the legacy of colonization and its informal continuation into the modern investment system; It argues that the current economic disparities between the overdeveloped countries and the developing ones are deeply widened due to formerly colonial exploitation of developing nations’ resources through militant colonizing powers at the expense of developing nations. Thus, colonialism established a global economic system, enriching the economic power of developed nations over developing nations, shaping the current generic principles of the international foreign investment system, particularly through arbitral interpretations of the Fair and Equitable Treatment standard (FET) principles. A system that develops a resemblance to colonialism; however, in an extended legalized dominance through foreign investment of the developed nations' nationals, resulting in further entrenchment of global economic inequality. This study contends that problematic interpretations limit the policy space of developing countries and undermine their sovereign right to regulate their internal affairs. By engaging with investment arbitration jurisprudence through a case study of ICSID waste management cases and goals of decolonization, this paper calls for restructuring the international investment framework to ensure fairer outcomes and respect for the economic sovereignty of developing nations. Thus, the paper raises the following question: Do arbitral interpretations of the International Foreign Investment Agreements' Fair and Equitable Treatment clause reflect an implied neocolonial interference in the regulatory rights of developing nations through investor nationals of developed states? Keywords: Colonial legacy, International Investment Law, Fair and Equitable Treatment, Waste Management, Arbitral Jurisprudence, Economic Inequality, Foreign Investment, Sovereignty, Regulatory Rights, Developing Countries. |
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