CYIL vol. 14 (2023)

PETR STEJSKAL

CYIL 14 (2023)

Ondřej Svoboda Mezinárodní investiční právo v kontextu Evropské unie Praha: Leges, 2023, 238 pp., ISBN/ISSN:978-80-7502-624-8 [International investment law in the context of the European Union]

It is not necessary to teach the reader of this review of the relevance of the international law of foreign investments. Nor is it necessary to explain the relevance of the European Union (EU) law. Both systems have their specifics. Both systems have also undergone interesting developments. This is especially the case of the EU law and powers of the EU as such which have expanded significantly since the origins of the European integration. The Lisbon Treaty represented an important milestone in the theory and practice as it extended the EU exclusive competences to the area of foreign direct investment. Since then, we have been witnessing the EU take a progressive role in the development of the investment policy, law, and practice. Given these past and several ongoing developments, we can now probably speak of a new complex area of law, policy, and practice which deserves attention. The book of Dr. Ondřej Svoboda, title of which could be translated as “ International investment law in the European Union context ” devotes the desired attention to this lively and challenging area. This subject matter is addressed by several foreign publications and collections. But the reviewed book looks at it in a progressive way by focusing on current issues and developments. In addition, in the Czech doctrine there is just a few monographs that deal with international law of foreign investments in context of EU law (at least to the knowledge of the reviewer). 1 Turning now to the substance covered by the book, it starts with a brief description of the system of international law of foreign investments, focusing namely on the debates about the insufficiencies and need for reform of the system. It then continues with a substantive chapter describing the framework of EU foreign investment policy. Here, the author explains the development of the investment policy of the EU. This includes the initial difficulties with the determination of the boundaries of the EU competence in the area after the Lisbon Treaty entered into force, a question extremely relevant for the character and process of conclusion of comprehensive trade agreements. The author also describes typical features of the investment treaties concluded by the EU, such as the definitions of foreign investors and investments and formulations of the standards of treatments, among others. In another chapter, the author describes and critically evaluates the model of the Investment Court System developed by the EU. This model reflects the calls for reform of the investment dispute settlement and provides a compromise between a traditional arbitral tribunal and international judicial body. However, the author does not forget to include a short chapter focusing on proposals and efforts to create a multilateral investment court, a full-fledged international judicial body, establishment of which is however quite an uncertain question. 1 Among the few examples can be mentioned the monograph by FECÁK, T. Mezinárodní dohody o ochraně investic a právo Evropské unie [International agreements on the protection of investment and the law of the European Union] (Wolters Kluwer, 2015), respectively FECÁK, T. Mezinárodní dohody o ochraně investic a právo Evropské unie II [International agreements on the protection of the investment and the law of the European Union II] (Wolters Kluwer, 2021).

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