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REGULATORY EXPROPRIATION DEVELOPMENTS: DID METALCLAD COMPLY WITH ALL THE DARK PREMONITIONS?

This is the final result of an investigation. Developing practices in internationaltrade and investment law bring new challenges to investorswho are always seeking better and more certain grounds to develop theirbusinesses abroad. In that regard, free trade agreements and bilateralinvestment treatie...

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Autor Principal: Bernal Corredor, Diego; Pontificia Universidad Javeriana
Formato: info:eu-repo/semantics/article
Idioma: eng
Publicado: Editorial Pontificia Universidad Javeriana y Facultad de Ciencias Jurídicas 2009
Materias:
Arbitration agreements; Commercial; Expropiation; Foreign Investments; Metalclad; Indirect Expropriation; Regulatory Expropriation; Regulation; Chilling Effect, Sole Effect Doctrine; International Protection to Investment Law; NAFTA; Chapter Eleven
Tratado de arbitramento comercial; expropiación; inversiones extranjeras; Metalclad; expropiación indirecta; expropiación regulatoria; efecto escalofrío; doctrina del único efecto; protección internacional a la inversión, TLCAN; capítulo once
Acceso en línea: http://revistas.javeriana.edu.co/index.php/internationallaw/article/view/13863
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Sumario: This is the final result of an investigation. Developing practices in internationaltrade and investment law bring new challenges to investorswho are always seeking better and more certain grounds to develop theirbusinesses abroad. In that regard, free trade agreements and bilateralinvestment treaties set a legal frame under which a minimum standard oftreatment is set for both the foreign investor and the Host State. The partiesto NAFTA, especially the United States and Canada were concernedthat Mexico could not be held accountable for measures that would betantamount to expropriation. With that purpose Chapter Eleven was createdwith a very broad definition on its terms and a procedure that wouldallow a foreign investor from another Party, to submit a claim beforean international tribunal without having to exhaust the local remedies.These two characteristics allowed Metalclad to submit a claim againstMexico for some domestic measures that allegedly amounted to a creepingexpropriation. The Metalclad award introduced a very broad definitionof indirect expropriation, which according to some academics it wouldundermine the regulatory powers of NAFTA Members and would drivestates in a race to the bottom regarding safety, environmental and healthregulations. My hypothesis is that based on the revision of the Tribunal'saward and the recent developments in NAFTA jurisprudence, Metalcladdid not have any relevant impact regarding the definition of expropriation.

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