Which Role for the EU in the Development of International Investment Law?

22 Pages Posted: 4 Jul 2008

Date Written: July 2, 2008

Abstract

This work deals with the question whether an 'EU model' contributing to the development of international investment law may be envisaged. The new competence on FDI conferred to the EU under the Treaty of Lisbon, especially if it is considered in the context of the "new regionalism" spreading at the international level, gives relevance to the issue. Both the EU internal law and the international treaties concluded by the EU affecting investment have distinct peculiarities. Given the delimitation of competence between the EU and its Member States, EU's uniform principles on FDI take account of the degree of harmonization and fragmentation of EU national markets and of regulations facing third-countries. These requirements have repercussions particularly on the drawing up of the REIO clauses and on the provision of investor-State arbitration in the agreements concluded by the EU. Section 1 describes the EU law having an impact on investment activities, according to the major aspects of international investment law. Section 2 overviews the external practice and highlights the different models on which it is based. Section 3 addresses the question of competence in order to outline the Union's powers to act internationally in the field of foreign investment, based on the EC Treaty and on principles established in the ECJ's case-law. Section 4 analyses some of the issues on relation of treaty norms and on international responsibility, in the case of mixed agreements or of common protection rules.

Keywords: EU, International investment law, Investment law, EU Model, REIO clauses, Investor-State arbitration, Investment activities, Foreign investment, Foreign direct investment, FDI, Common commercial policy

JEL Classification: F02, F10, F13, F14, F15, F21, K33

Suggested Citation

Mola, Lorenza, Which Role for the EU in the Development of International Investment Law? (July 2, 2008). Society of International Economic Law (SIEL) Inaugural Conference 2008. Available at SSRN: https://ssrn.com/abstract=1154583 or http://dx.doi.org/10.2139/ssrn.1154583

Lorenza Mola (Contact Author)

University of Turin ( email )

Via Po 53
Torino, Turin - Piedmont 10100
Italy

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