CYIL vol. 10 (2019)

CYIL 10 ȍ2019Ȏ

NOVÉ MEZINÁRODNÍ DOHODY NA OCHRANU INVESTIC

Vladimír Balaš, Pavel Šturma Nové mezinárodní dohody na ochranu investic Praha: Wolters Kluwer 2018, 172 pp., ISBN 978-80-7598-100-4 [New international investment agreements]

International investment law is currently in a state of flux. After a period of relatively slow evolution and expansion of bilateral investment treaties on the promotion and protection of foreign investments, 1 several factors have changed the situation completely. Firstly, we are witnessing a continuous increase of investment disputes. As of 1 January 2019, the total number of known cases, which arose from investment treaties, has reached 942. 2 Secondly, there is a trend of negotiating broad regional free trade agreements, which include a chapter covering investment protection. Thirdly, there has been a shift in the substance of investment treaties. According to the United Nations Conference on Trade and Development (UNCTAD), almost all the treaties concluded in 2018 contain a large number of reform features. 3 Moreover, a multilateral reform action on investor–state dispute settlement (ISDS) is currently being discussed at the United Nations Commission on International Trade Law (UNCITRAL). Against this background, two well-recognised academics and practitioners in the field of the international investment law, Pavel Šturma and Vladimír Balaš, published a book last year titled “Nové mezinárodní dohody na ochranu investic” (‘New international investment agreements’). The book has been highly anticipated in the Czech international law circles as it focuses on the latest developments in investment treaty-making. The book consists of seven chapters besides the introduction and conclusion, which are titled: Historical development of international law of investment protection; New complex trade and investment agreements and the EU; New agreements concluded by the EU; Expropriation and compensation of investors; Investor-State dispute settlement; Other procedural issues; and ISDS from the EU law and CJEU’s jurisprudence perspective. As can be seen from this outline, the EU investment treaty-making is clearly at the centre of the authors’ attention. This is a logical approach as the EU has become an important actor in negotiations of trade and investment agreements with third countries since obtaining the competence in the field of foreign direct investment in the Lisbon Treaty in 2011. The recent negotiations of the EU with Canada on the Comprehensive Economic and Trade Agreement (CETA) and the Transatlantic Trade and Investment Partnership (TTIP) with the United States were, in a certain sense, a cataclysm for investment protection and particularly for ISDS. This led to several significant changes in agreements proposed by the EU to all its partners. The authors make good use of their considerable knowledge and experience in international investment law. Importantly, they take a rather critical view of the current reform efforts of 1 And several regional and sectoral agreements such as the Energy Charter Treaty (ECT) or the North American Free Trade Agreement (NAFTA). 2 UNCTAD, Fact Sheet on Investor-State Dispute Settlement Cases in 2018, IIA Issues Note , No. 2, 2019, p. 2. 3 UNCTAD, Taking Stock of IIA Reform: Recent Developments, IIA Issues Note , No. 3, 2019, p. 2-4.

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