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BOOK REVIEW

THE LAW OF INVESTMENT TREATIES
Second Edition

By Jeswald W Salacuse

OXFORD UNIVERSITY PRESS
The Oxford International Law library

ISBN: 978 0 19870 397 6

www.oup.com


FOR INTERNATIONAL LAWYERS SPECIALISING IN
A NEW BRANCH OF INTERNATIONAL LAW

An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers

Now here’s a relatively new and fast expanding area of the law – and here’s a book that will be of special interest to international lawyers, particularly those who deal with investment treaties, or are contemplating doing so. As a result of the relatively recent increase in such treaties and arbitral decisions, ‘the law of investment treaties’ has come to be recognized as a new branch of international law:

The author, Jeswald A. Salacuse, Professor of Law at Tufts University in Massachusetts – and Diplomacy at Tufts University -- mentions that approximately 3,300 investment treaties have been created since the end of World War II, with new agreements emerging almost monthly from diplomatic negotiations -- clearly a phenomenon resulting from increasing globalization and the consequent globalization of business.

Published by the Oxford University Press as part of the Oxford International Law Library, the new second edition of this highly regarded work examines every conceivable aspect of investment treaties. Fundamentally, however, the investment treaty does two things. First, it grants special protective rights to foreign investors. Secondly, it allows investors to enforce those rights, usually by international arbitration.

The main motivation behind the investment treaty is that investors and their home countries wish to protect themselves from political risk. The author also makes the point that the applicable investment law is founded on treaties. This means that the distinct features of the investment treaty differentiate it from ‘the customary international law of investment.’

Investment treaties have been transformative in that, as is discussed in this book, they have emerged as the fundamental tool by which two countries will create a treaty which sets down rules governing investments by their respective nationals in each other’s countries. NAFTA, the North American Free Trade Agreement is an example.

In the words of the author, the book aims to ‘examine investment treaties of all varieties in a comprehensive and integrated fashion.’ It therefore embarks on a close examination and analysis of the law of international investment treaties, specifically in relation to their origins, structure, content, and effect, as well as their impact on international investors and investments, and on governments that are parties to them.

The numerous topics examined range from general standards of treatment of foreign investments, to monetary transfers; protection against expropriation; dispossession and compensation for losses; the various forms of dispute settlement -- and of course, much more, including a new chapter on the consequences of treaty violations and the determination of damages in investor-state disputes.

With its extensive footnoting, detailed table of contents, index, tables of cases and conventions, treaties and agreements, this book excels as a valuable source of reference for researchers, academics, government officials, arbitrators and diplomats, as well as international lawyers. In fact, anyone even remotely involved in this area of law should acquire a copy.

The publication date is cited as at 2015.

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