10.04.2023
This article cites Professor Julien Chaisse, an associate member of CCCL, for his concept of the "domestication of international economic law" that he introduced in an influential academic paper. This concept refers to the process by which countries develop their own domestic rules to protect foreign investment, either alongside or instead of international investment law (IIL) rules. To achieve this, countries typically legislate investment protection standards that are traditionally part of IIL and provide a dispute resolution mechanism at the municipal level rather than treaty arbitration. For instance, South Africa terminated its BITs in 2015 and introduced the "Protection of Investments Act" to supplant investment treaties as the primary tool for safeguarding foreign investment. India has similarly terminated most of its investment treaties and is adopting a similar approach to domesticating IIL, although it has not yet established an exclusive law for protecting foreign investment. In essence, while international trade commitments are protected under international law, foreign investment is shielded according to municipal laws.
Read the full article here: Prabhash Ranjan, India’s new stance on trade agreements: It takes India back to the pre-reforms era, The Indian Express, April 10, 2023 < https://indianexpress.com/article/opinion/columns/prabhash-ranjan-on-indias-new-stance-on-trade-agreements-it-takes-india-back-to-the-pre-reforms-era-8547596 >
