The treatment and taxation of foreign investment under international law

Abstract

This book examines some of the challenges which globalisation throws up for the international community from a legal perspective. It focuses on two aspects of the treatment of foreign investment by states: the general rules concerning access, operation and expropriation of foreign investment and the lex specialis of international taxation. The book describes the implications for developing states which have in the past resisted the international law rules relating to expropriation of foreign investment and sought instead the development of a new international economic order including inter alia the establishment of binding rules addressing the behaviour of transnational corporations. It traces the development of new legal concepts and techniques in different contexts and locations: in bilateral relations, in multilateral conventions and negotiations and in regional economic integration systems. The wide scope of the Uruguay Round and the linking of the separate agreements in the WTO 'package' serve to illustrate how the battle between old and new ideological strands can be played out simultaneously in different ways in different locations and with different results; it serves to highlight how ideology drives the transfer and leakage of legal concepts and principles from one field to another. Many developing states have signed up to the WTO Agreements and have embraced the free trade orthodoxy in other areas. But recent and future developments in relation to the treatment and taxation of foreign investment will constitute in some areas an assault on long-held ideological constructs hitherto shielded from or accommodated within other free trade developments.

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