Enakshi Jha from NALSAR University of Law, Hyderabad, writes on the relationship of Investment Law and ‘Third World’ approach to International Law.
Abstract
Investment Arbitration has acquired the centre stage in the recent past with the emergence of investment opportunities internationally. Accompanying the growth of investment opportunities is the equally distressing reality of investment protection. In light of the Argentinian crisis and the growing voice of Investment Arbitration Tribunals, it is essential to recognize the existence of threats to the Global Financial Market, which poses an obstacle to International Investment law via the route of arbitration. Disputes arising between investor states and the Third World propose a new set of opportunities and obstacles and this paper attempts to decipher this journey. Judgments of Arbitral Tribunals often turn a blind eye to the existing realities of such countries, further deepening the divide and continuing to promote the interests of the Imperial West. This paper has analysed TWAIL and its relationship with International Investment Law to put forward both sides of the story and stresses upon the need to appreciate differences in Investment climates across the world while celebrating the recent success of decisions aimed at doing the same.