Essential Security Interests in International Investment Agreements
AbstractEmbedded in a significant number of international investment agreements are provisions that allow states to invoke essential security interests at times of necessity to limit the application of substantive treaty agreements. These provisions, which are largely devoid of express signatory intent, have caused an intensified debate over their scope and meaning in light of recent investor-state arbitration proceedings against Argentina. This article investigates the historical origins and state usage of security provisions found in international economic agreements and argues an essential security defense may be raised only in circumstances involving national security interests. While states ought to be given a margin of appreciation on what constitutes a threat to their own national security interests, the burden falls on the signatory states to diverge from the shared linguistic expectations attached to the ordinary usage of treaty terms. This approach injects a degree of predictability into the meaning of otherwise silent terms, reducing the detrimental reliance problem introduced by treaties that are designed to induce good faith investment by third-party beneficiaries. The Author 2012. Published by Oxford University Press. All rights reserved., Oxford University Press.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Oxford University Press in its journal Journal of International Economic Law.
Volume (Year): 15 (2012)
Issue (Month): 2 (June)
Contact details of provider:
Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
Fax: 01865 267 985
Web page: http://www.jiel.oupjournals.org/
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.