FORMATION AND DEVELOPMENT OF INTERNATIONAL LEGAL PROTECTION OF FOREIGN INVESTMENTS
Journal Title: Юридичний науковий електронний журнал - Year 2016, Vol 5, Issue
Abstract
On the basis of a comprehensive analysis of the doctrine and practice of legal regulation of international investment relations the issue of formation and improvement of international and legal protection of foreign investment has been investigated. The development of international investment cooperation, which is one of the most important factors of building a new model of the modern world, promotes the desire of states to consolidate their relations on the basis of multilateral and bilateral agreements. Hence is a special relevance of the institute of international contracts on investment relations, which became, despite the novelty, one of the most important sub-branches of international law. Nowadays bilateral investment contracts are generally accepted international and legal instruments used by states to establish economic relations and protect the capital abroad. These contracts internationally consolidate obligations of states regarding the treatment of foreign investors and their investments as well as mechanisms for settling disputes arising from them. International and legal investment norms consolidated in international universal, regional and bilateral contracts are a part of national legal systems and make a legal standard for domestic investment legislation. Moreover, this process happens not by removal of current national legislation relevant principles and norms and their replacement by international and legal contract norms but by harmonizing a common regulation in the process of providing legal guarantees of foreign investment. Besides domestic regulation of investment relations, there are bilateral investment contracts signed by two states, regional investment contracts, signed by groups of states within the same region and multilateral investment agreements. The role of international investment agreements, particularly bilateral, is to ensure the stability of the regime for foreign investors, providing them with appropriate incentives, mutual benefit of interests of both foreign capital investors and the countries, where investments are made. Contracts in the foreign investment sphere are designed to provide international and legal protection, especially against non-commercial risks. Setting clear and accessible policies that improve the investment climate and thus strengthen trust between states serves as a stimulant of foreign investment.
Authors and Affiliations
М. Ю. Кравчук
Keywords
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