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Kluwer Law International
ISBN-13
9789403545912
Availability
Ships in 5-7 Business Days
Last Updated
2022-12-14

Overview

About this book:

International Investment Law and Investor-State Disputes in Central Asia: Emerging Issues draws on the experiences of the five Central Asian States – Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan – to present a unique case study for the nexus between international investment law, investor-State dispute settlement (ISDS) cases, and their impacts on the development of future global trade and investment environments. This book’s seventeen chapters, contributed by globally renowned practitioners and scholars, provide the first consolidated and systematic overview of all aspects of international investment law and investor-State disputes involving the Central Asian region, including focus on domestic investment law frameworks, investment treaties, substantive protections as provided by those treaties, and developments arising out of specific investment treaty arbitrations and resulting awards. In light of ongoing reform initiatives, it supports understanding of how regional experiences and trends may inform global discussions.


What’s in this book:

This book builds on the historic and ongoing strategic importance of Central Asia to international trade and international investment to elucidate key insights into needs and concerns that are unique to the region while also offering globally relevant analyses. It draws on the Central Asian experience to address, among other topics:

  • approaches to foreign direct investment and domestic investment legislation;
  • jurisdictional questions arising in investment treaty arbitration, such as the notion of ‘investor’ and the definition of ‘investment’; the interpretation of investment treaties and the role of international and domestic law;
  • substantive and procedural rights of foreign investors, with a focus on guarantees against expropriation and most-favoured nation and fair and equitable treatment standards;
  • arbitral awards, as well as grounds and procedures for their enforcement and annulment;
  • the state-of-play for allegations of corruption and fraud once a dispute has arisen; and
  • emerging challenges and opportunities in light of ongoing reform initiatives.


How this will help you:

This book establishes that the Central Asian experience should be taken into consideration in any comprehensive and robust discussion on the future of international investment law and ISDS and how these frameworks may be improved, reformed and remain fit for purpose. It is an essential tool for practitioners, arbitrators, government officials, and scholars who may look to the Central Asian experience to understand the advantages and disadvantages of differing approaches to international investment law and treaty-making for future ISDS advocacy, decision-making and scholarship.

Table Of Contents

Editors

Contributors

Testimonials

Foreword

Preface

Acknowledgements

PART I

An Introduction to the Framework for International Investment Law in Central Asian States

CHAPTER 1

International Investment Law and Investor-State Disputes: Introductory Reflections on the Central Asian Experience

Kiran Nasir Gore, Kabir A.N. Duggal, Elijah Putilin & Crina Baltag

CHAPTER 2

The History of Foreign Direct Investment in Central Asia

Tigran Ter-Martirosyan

CHAPTER 3

Investment Legislation of Central Asian States

Diora Ziyaeva & Yevhenii Vasylchenko

PART II

Jurisdiction, Interpretation, and Applicable Law: The Central Asian Experience

CHAPTER 4

The Notion of ‘Investor’ in Central Asian Investment Treaties and Arbitration Practice

Crina Baltag

CHAPTER 5

Material Scope of Application: Definition of Investment with Reference to Cases Involving Central Asian States

Berk Demirkol

CHAPTER 6

The Interpretation of Investment Treaties with Central Asian States

David L. Attanasio & Henry Defriez

CHAPTER 7

Applicable Law in Central Asian Investor-State Disputes: The Roles of International and Domestic Law

David L. Attanasio & Henry Defriez

PART III

Substantive and Procedural Rights in Investor-State Disputes: The Central Asian Experience

CHAPTER 8

Guarantees Against Expropriation in Investment Disputes Involving Central Asian States

Baiju S. Vasani & Lindsay Reimschussel

CHAPTER 9

Most-Favored-Nation (MFN) Treatment in Investor-State Disputes Involving Central Asian States

Nudrat E. Piracha

CHAPTER 10

Fair and Equitable Treatment in the Context of Central Asian Cases

Ioana Knoll-Tudor

CHAPTER 11

Procedural Rights: Access to Investor-State Arbitration in Cases Involving Central Asian States

Hanno Wehland

PART IV

Arbitral Awards and the Central Asian Experience: Immunity, Enforcement, and Annulment

CHAPTER 12

Immunity Defences and the Enforcement of Awards in Investor-State Disputes

Javier García Olmedo

CHAPTER 13

U.S. and Global Enforcement of Investment Arbitration Awards Rendered Against Central Asian States: Key Considerations and Tools

Nilufar Hossain

CHAPTER 14

Annulment of Arbitral Awards in ICSID Arbitrations with Central Asian Republics: Looking Back at Kilic¸

James H. Boykin

PART V

Emerging Challenges & Opportunities for ISDS: The Central Asian Experience

CHAPTER 15

Questions of Investor-State Arbitration Procedure in Arbitrations Involving Central Asian States

Evgeniya Rubinina

CHAPTER 16

Corruption and Fraud in Investor-State Arbitration: Central Asian Experience

Romesh Weeramantry & Clementine Packer

CHAPTER 17

Emerging Challenges and Opportunities in International Investment Law and Investor-State Disputes: W(h)ither Central Asia?

Kiran Nasir Gore, Kabir A.N. Duggal, Elijah Putilin & Crina Baltag

Index

Testimonial

"The book outlines foundational principles of international investment law, and successfully argues that neglecting the Central Asian ISDS experience in the study of international investment law is indefensible. [...] In general, this book will prove valuable to practitioners and scholars interested in the Central Asian region and to those new to the topics explored in the book." 

Hannepes Taychayev, Cambridge International Law Journal, Vol. 13 No. 1, pp. 179–185


"This book is an indispensable resource for legal scholars, practitioners, and all those seeking to navigate the complex world of foreign direct investment (FDI) and investor-State dispute settlement (ISDS) in Central Asia. The case studies and historical context are where this work shines...It tackles each of the five Central Asian States’ history of foreign direct investment and their investor-State dispute environments in, if some exaggeration is permitted, molecular-level detail."

Ajoo Kim and Fernando Alvarez-Perez - Transnational Dispute Management February 2024


"The book makes a significant practical contribution by detailing specific examples of ISDS cases involving Central Asian countries in which sensitive procedural concerns such as third-party funding, claims of corruption, and security for costs have arisen during the arbitration process. These topics, pertinent to ongoing global investment reform, are masterfully handled in the book through issue-specific chapters and contributions dealing with the broader challenges confronting international investment law and the Central Asian region’s involvement in it. The volume’s overall conclusion is that the unique Central Asian experience in investment arbitration law and policy should not be understated in ongoing reform efforts. The book will be of interest to scholars and practitioners seeking to explore the most pressing issues concerning ISDS reform via the lens of a rapidly emerging Central Asian region."

Prof. Yulia Levashova,  Assistant Professor, Nyenrode Business University, Asian Journal of International Law (July 2023)



“In summary, this volume provides a comprehensive introduction to international investment law in general and to the settlement of investor–state disputes in Central Asia in particular. These materials provide a largely untapped resource that could be used to initiate and supplement research in a number of different fields of Central Asian studies. In addition to enriching the academic literature on these topics, publication of the facts and findings contained in investment arbitration cases could help shed light on otherwise opaque transactions between investors and government actors in these often-lucrative commercial activities, and the resulting increase in transparency could […] help promote the development of the rule of law in Central Asia.”

James R. Baugh, Department of Central Eurasian Studies, Indiana University in Central Asian Survey


"The book is a valuable contribution to support a better understanding of the region’s investment law landscape and the challenges faced by investors. The book most certainly delivers on its goal of demonstrating that Central Asian states play a significant role in the past, present, and future of international investment law, as well as related dispute resolution, and the Central Asian states’ contribution to this area of law should continue to be watched by all stakeholders."

ARIA Blog June 2023 - Hannepes Taychayev

 

“The editors have put together a fascinating book that examines the full range of jurisdictional, procedural and substantive issues in international investment law, but through the lens of Central Asian States. The result is both a comprehensive overview of investment law in the Central Asian region, and a unique examination of how investment instruments and cases involving these States have contributed to the development of international investment law writ large and will continue to play an important role in the evolution of international investment law and procedure. This unique vantage point makes this volume especially interesting and readers will certainly take away many insights from this unique approach.”

Meg Kinnear

Secretary-General

International Centre for Settlement of Investment Disputes (ICSID)

 

“Whether you want a detailed understanding of how the Central Asian States have managed and fared in investment treaty arbitrations or how their arbitrations have contributed to the overall evolution of ISDS, this book will take you there. The editors and authors – some (appropriately) sharing their experience in cases without published awards – are to be commended for this first comprehensive overview of international investment law and ISDS in the region.”

Lucy Reed

International Arbitrator & President of International Council for Commercial Arbitration (ICCA)

 

 

“Sometimes when a book appears, one wonders how one managed without it. Such is the case here. This book offers a brilliant account of contemporary international investment arbitration in an arena – Central Asia – that, in light of its fast-growing salience, has received too little attention. Drawing upon the expertise of the most outstanding figures in the field, the editors have produced a comprehensive and magisterial – but altogether readable – work that is immediately indispensable.”

Professor George Bermann

Gellhorn Professor of Law and Monnet Professor in European Union Law

 Columbia Law School, Independent Arbitrator

 

“Kiran Nasir Gore, Kabir A.N. Duggal, Elijah Putilin and Crina Baltag’s book International Investment Law and Investor-State Disputes in Central Asia: Emerging Issues is a brilliant and timely contribution to legal scholarship on topical issues that are of regional and global importance. This publication is a prodigious corpus intellectualis for all scholars, practitioners and stakeholders with interest in international investment law and ISDS. While the book explores local and regional flavours pertaining to international investment law and investor-State disputes in five Central Asian States, it offers unique vantage points that demonstrate that the Central Asian experience is indeed relevant to global stakeholders. The book valiantly tackles and analyzes hot topics and critical issues by leading authors whose experience, expertise and wisdom are much applauded. This is a must-have publication that will serve as a leading guide for many years to come and will no doubt significantly contribute to the global ISDS discourse.”

Prof. Dr. Mohamed Abdel Wahab

 Zulficar & Partners Law Firm

 

“Despite the significant involvement of the Central Asian states in ISDS proceedings, there has been a dearth of scholarship dedicated to the experiences and the approaches to international investment law and arbitration of those states. This book fills the gap. Under the guidance of distinguished editors, a stellar line-up of authors explores comprehensively the system of foreign investments protection in the region and the investment arbitration practice and procedures in cases involving Central Asian states. I am confident that this book will become an important, even indispensable, resource for all interested in the field and the region.”

Stanimir A. Alexandrov

International Arbitrator

 

“The distinguished editors have brought together a full suite of regional experts to publish a complete exposition of the State and public law structures underpinning the rise and reach of investor law and its disputes mechanisms. It comprehensively covers history and sources through to the practical workings and operation of investment disputes under treaty-based jurisdiction, and the substantive and procedural rights leading to determinations and awards and on to their recognition and enforcement. The concluding chapters canvas contemporary developments, particularly through UNCITRAL. This seminal work stands to emerge as the complete and authoritative handbook on the subject matter, both by content and by author, illuminating to its four corners a new field hitherto lightly occupied by scattered writings within Central Asia.”

Gavan Griffith KC

International Arbitrator

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International Investment Law and Investor-State Disputes in Central Asia: Emerging Issues | Wolters Kluwer Legal & Regulatory