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ABSTRACT
The Covid-19 pandemic has wreaked havoc on Caribbean countries. These countries have lost billions of dollars in foreign capital. Although the region's peoples are currently being vaccinated, the damage already caused by Covid-19 remains immeasurable and will likely continue for many years. Irrespective of whether vaccination results in herd immunity, Caribbean countries not only face the unenviable challenge of recalibrating their economies post-Covid-19, but also the prospect of being hauled before arbitral tribunals in respect of claims brought by investors alleging breaches of investor protection standards as a result of measures taken in response to the pandemic. To the extent that there is a real risk of claims of this nature arising in future, this article contends that Covid-19, as an unprecedented event, exposes the asymmetrical nature of the international investment regime, and its inability to fully countenance the domestic realities of developing countries that are confronted with existential threats.
Notes
1 Worldometer, ‘Covid-19 Coronavirus Pandemic’ (Worldometer, 2 June 2021) <www.worldometers.info/coronavirus/#countries> accessed 2 June 2021. The North American region, under which Caribbean countries fall has recorded 39,871,408 cases and 899,789 deaths at the date of writing according to Worldometer.
2 UNCTAD, World Investment Report 2020: International Production Beyond the Pandemic (UNCTAD 2020) iii.
3 ibid.
4 Julien Chaisse, ‘Both Possible and Improbable—Could COVID-19 Measures Give Rise to Investor-State Disputes?’ (2020) 13 Contemporary Asia Arbitration Journal 99.
5 ibid 113.
6 ibid.
7 ibid 114.
8 ibid 115.
9 ibid 145.
10 Norton Rose Fulbright, ‘International Investment Report’ (Norton Rose Fulbright, June 2020) <www.nortonrosefulbright.com/en/knowledge/publications/e8979151/investorstate-claims-in-the-era-of-the-covid19-pandemic> accessed 9 August 2021; Michael Ostrove, Kate Brown de Vejar, and Ben Sanderson, ‘State Defences to Investment Claims Arising from COVID-19’ (DLA Piper, 29 April 2020) <www.dlapiper.com/en/us/insights/publications/2020/04/state-defences-to-investment-claims-arising-from-covid-19/> accessed 9 August 2021.
11 Mao-Wei Lo, ‘Legitimate Expectations in a Time of Pandemic: The Host State’s COVID-19 Measures, Its Obligations and Possible Defenses under International Investment Agreements’ (2020) 13 Contemporary Asia Arbitration Journal 249; Janice Lee, ‘Note on COVID-19 and the Police Powers Doctrine: Assessing the Allowable Scope of Regulatory Measures during a Pandemic’ (2020) 13 Contemporary Asia Arbitration Journal 229; Prabhash Ranjan, ‘COVID-19, India and Indirect Expropriation: Is the Police Powers Doctrine a Reliable Defence?’ (2020) 13 Contemporary Asia Arbitration Journal 205.
12 Cecilia Olivet and Bettina Müller, ‘Juggling Crises: Latin America's battle with COVID-19 Hampered by Investment Arbitration Cases’ (Transnational Institute, 24 August 2020) <longreads.tni.org/jugglingcrises> accessed 9 August 2021; American Fair Trade & Investment Network, ‘More ISDS Cases Launched Against Latin American States Amid the COVID-19 Pandemic’ (AFTINET, 1 September 2020) <aftinet.org.au/cms/node/1918> accessed 9 August 2021; Cromwell & Moring, ‘Mexican COVID-19 Measures Imperil Foreign Investments in Renewable Energy Projects—Are International Arbitration Claims Imminent?’ (Crowell & Moring, 19 May 2020) <www.crowell.com/NewsEvents/AlertsNewsletters/all/Mexican-COVID-19-Measures-Imperil-Foreign-Investments-in-Renewable-Energy-Projects-Are-International-Arbitration-Claims-Imminent> accessed 9 August 2021.
13 Ciar Global, ‘Peru Receives the First Notification of Intention to Arbitrate for the Management of Covid19’ (Ciar Global, 8 June 2020) <ciarglobal.com/peru-recibe-la-primera-notificacion-de-arbitraje-por-la-gestion-del-covid19/> accessed 9 August 2021; El Comercio, ‘Ositran: Law of Congress on Tolls “Will Generate Six Arbitrations in ICSID”’ (El Comercio, 7 April 2020) <elcomercio.pe/economia/peru/coronavirus-peru-ositran-ley-del-congreso-sobre-peajes-nos-va-a-generar-seis-arbitrajes-en-el-ciadi-covid-19-nndc-noticia/?ref=ecr> accessed 9 August 2021.
14 Groupe ADP and Vinci Airports v Republic of Chile, Notice of Intent (19 Jan 2021).
15 International Institute for Sustainable Development, ‘French Consortium Kicks Off an ICSID Claim Against Chile after USD 37 Million Loss Due to COVID-19 Pandemic’ (International Institute for Sustainable Development, 23 March 2021) <www.iisd.org/itn/en/2021/03/23/french-consortium-kicks-off-an-icsid-claim-against-chile-after-usd-37-million-loss-due-to-covid-19-pandemic/> accessed 9 August 2021.
16 The World Bank, ‘The World Bank in the Caribbean’ (World Bank, 22 April 2021) <www.worldbank.org/en/country/caribbean/overview> accessed 9 August 2021.
17 David Barker, ‘Caribbean Agriculture in a Period of Global Change: Vulnerabilities and Opportunities’ (2012) 40 Caribbean Studies 41; Inder Ruprah, Karl Melgarejo, and Ricardo Sierra, ‘Is there a Caribbean Sclerosis? Stagnating Economic Growth in the Caribbean’ (Inter-American Development Bank 2014).
18 Norman Girvan, ‘Caribbean Dependency Thought Revisited’ (2006) 27 Canadian Journal of Development Studies 328.
19 Matheus Koengkan, ‘Capital Stock Development in Latin America and the Caribbean Region and Their Effect on Investment Expansion in Renewable Energy’ (2020) Journal of Sustainable Finance & Investment 1; Richard Bernal, ‘Chinese Foreign Direct Investment in the Caribbean’ (Inter-American Development Bank 2016).
20 Vincent Atkins, ‘Trade and Investment Agreements in CARICOM’ (Tobacco and Trade Seminar, Pan American Health Organisation, Bridgetown, Barbados, 18 May 2017) <www.paho.org/spc-crb/dmdocuments/seminar-on-tobacco-trade/2-Vincent-Atkins-Free-Trade-Agreements-and-Customs-Unions-Caribbean.pdf> accessed 9 August 2021.
21 Arnaud de Nanteuil, International Investment Law (Edward Elgar Publishing 2020) ch 9.
22 Peter Egger and Michael Pfaffermayr, ‘The Impact of Bilateral Investment Treaties on Foreign Direct Investment’ in Karl P Sauvant and Lisa E Sachs (eds), The Effect of Treaties on Foreign Direct Investment: Bilateral Investment Treaties, Double Taxation Treaties, and Investment Flows (Oxford University Press 2009) ch 8.
23 Ivar Kolstad and Espen Villanger, ‘Foreign Direct Investment in the Caribbean’ (2008) 26 Development Policy Review 79.
24 Ian Hambleton, Selvi M Jeyaseelan, and Madhuvanti M Murphy, ‘COVID-19 in the Caribbean Small Island Developing States: Lessons Learnt from Extreme Weather Events’ (2020) 8 The Lancet Global Health e1114.
25 Steven Ratner, ‘Compensation for Expropriations in a World of Investment Treaties: Beyond the Lawful/Unlawful Distinction’ (2017) 111 American Journal of International Law 7.
26 Peter A Allard v The Government of Barbados, PCA Case No 2012-06, Award (27 June 2016) [263].
27 See eg the Treaty between the Federal Republic of Germany and Antigua and Barbuda concerning the Encouragement and Reciprocal Protection of Investments (Germany–Antigua and Barbuda) (adopted 5 November 1998, entered into force 28 February 2001) art 4.
28 Barbados’s Emergency Management (Covid-19) Order, 2020 (BB), s 8(1).
29 ibid s 8(2).
30 ibid s 8(3).
31 ibid s 9(1).
32 ibid s 9(2).
33 ibid s 9(3).
34 ibid s 9(4).
35 ibid s 10.
36 British Caribbean Bank Ltd v The Government of Belize, PCA Case No 2010-18, Award (19 December 2014).
37 ADC Affiliate Ltd and ADC & ADMC Management Ltd v The Republic of Hungary, ICSID Case No ARB/03/16, Award (2 October 2006).
38 Dunkeld International Investment Ltd v The Government of Belize (Number 1), PCA Case No 2010-13, Award (28 June 2016).
39 Chrispas Nyombi, ‘Investor-State Compensation in the Shadow of the Hull Formula’ (2015) 26 International Company and Commercial Law Review 377.
40 Crystallex International Corp v Bolivarian Republic of Venezuela, ICSID Case No ARB(AF)/11/2, Award (4 April 2016).
41 OI European Group BV v Bolivarian Republic of Venezuela, ICSID Case No ARB/11/25, Award (10 March 2015).
42 Dunkeld (n 38).
43 COVID-19 (Prevention and Control) Act, 2020 (LC) s 11(3).
44 ADC Affiliate (n 37).
45 OI European (n 41).
46 Emergency Management (Covid-19) Order, 2020 (BB), ss 8(1), 9(1), 10.
47 OI European (n 41).
48 Metalclad Corp v The United Mexican States, ICSID Case No ARB(AF)/97/1, Award (30 August 2000).
49 Ranjan (n 11); Lee (n 11); Catharine Titi, ‘Police Powers Doctrine and International Investment Law’ in Andrea Gattini, Attila Tanzi and Filippo Fontanelli (eds), General Principles of Law and International Investment Arbitration (Brill Nijhoff 2018) 323; Noam Zamir, ‘The Police Powers Doctrine in International Investment Law’ (2017) 14 Manchester Journal of International Economic Law 318; Ben Mostafa, ‘The Sole Effects Doctrine, Police Powers and Indirect Expropriation under International Law’ (2008) 15 Australia International Law Journal 267; Prabhash Ranjan and Pushkar Anand, ‘Determination of Indirect Expropriation and Doctrine of Police Power in International Investment Law’ in Leïla Choukroune (ed), Judging the State in International Trade and Investment Law (Springer 2016) 127.
50 WNC Factoring Ltd v The Czech Republic, PCA Case No 2014-34, Award (22 February 2017) [395]; Philip Morris Brands Sàrl, Philip Morris Products SA and Abal Hermanos SA v Oriental Republic of Uruguay, ICSID Case No ARB/10/7, Award (8 July 2016) [292]–[301]; Saluka (The Netherlands) v Czech Republic, Partial Award, ICGJ 368 (PCA 2006) [255]; Methanex Corp v United States of America 44 ILM (2005) 1345, part IV, ch D [7]; Marvin Roy Feldman Karpa v United Mexican States, ICSID Case No ARB(AF)/99/1, Award (16 December 2002) [103].
51 Philip Morris (n 50).
52 World Bank, ‘Uruguay: Overview of Tobacco Use, Tobacco Control Legislation and Taxation’ (World Bank, 20 June 2019) <documents1.worldbank.org/curated/en/839571561047114929/pdf/Uruguay-Overview-of-Tobacco-Use-Tobacco-Control-Legislation-and-Taxation.pdf> accessed 9 August 2021.
53 Prabhash Ranjan, ‘Police Powers, Indirect Expropriation in International Investment Law, and Article 31(3)(c) of the VCLT: A Critique of Philip Morris v Uruguay’ (2019) 9 Asian Journal of International Law 98; Tania Voon, ‘Philip Morris v Uruguay: Implications for Public Health’ (2017) 18 The Journal of World Investment & Trade 320; Yannick Radi, ‘Philip Morris v Uruguay: Regulatory Measures in International Investment Law: To Be or Not To Be Compensated?’ (2018) 33 ICSID Review—Foreign Investment Law Journal 74; Vivian Daniele Rocha Gabriel and Alebe Linhares Mesquita, ‘Repacking Intellectual Property Protection in International Investment Law: Lessons from the Philip Morris v Uruguay Case’ (2018) 49 Georgetown Journal of International Law 1117.
54 See eg Saipem SpA v The People’s Republic of Bangladesh, ICSID Case No ARB/05/07, Award (30 June 2009); Perenco Ecuador Ltd v Republic of Ecuador and Empresa Estatal Petróleos del Ecuador (Petroecuador), ICSID Case No ARB/08/6, Decision on Remaining Issues of Jurisdiction and Liability (12 September 2014).
55 See eg Olin Holdings Ltd v Libya, ICC Case No 20355/MCP, Final Award (25 May 2018); El Paso Energy International Co v The Argentine Republic, ICSID Case No ARB/03/15, Award (31 October 2011) [245].
56 Marfin Investment Group v The Republic of Cyprus, ICSID Case No ARB/13/27, Award (26 July 2018) [828]; Philip Morris (n 50).
57 Bear Creek Mining Corp v Republic of Perú, ICSID Case No ARB/14/21, Award (30 November 2017) [473].
58 Jason Haynes, ‘The Emergence of a Doctrine of De Jure Horizontal Stare Decisis at the Caribbean Court of Justice: Fragmentation or Pluralism of International Law?’ (2014) 5 Journal of International Dispute Settlement 498.
59 Eric David Kasenetz, ‘Desperate Times Call for Desperate Measures: The Aftermath of Argentina's State of Necessity and the Current Fight in the ICSID’ (2009) 41 George Washington International Law Review 709.
60 Ioana Tudor, The Fair and Equitable Treatment Standard in the International Law of Foreign Investment (Oxford University Press 2008); Martins Paparinskis, The International Minimum Standard and Fair and Equitable Treatment (Oxford University Press 2013); Rudolf Dolzer, ‘Fair and Equitable Treatment: Today’s Contours’ (2013) 12 Santa Clara Journal of International Law 7; Christoph Schreuer, ‘Fair and Equitable Treatment in Arbitral Practice’ (2005) 6 Journal of World Investment & Trade 357; Rudolf Dolzer, ‘Fair and Equitable Treatment: A Key Standard in Investment Treaties’ (2005) 39 The International Lawyer 87; Stephen Vasciannie, ‘The Fair and Equitable Treatment Standard in International Investment Law and Practice’ (2000) 70 The British Year Book of International Law 1999; Jason Haynes, ‘The Evolving Nature of the Fair and Equitable Treatment (FET) Standard: Challenging Its Increasing Pervasiveness in Light of Developing Countries’ Concerns—the Case for Regulatory Rebalancing’ (2013) 14 The Journal of World Investment & Trade 114.
61 Marc Jacob and Stephan W Schill, ‘Fair and Equitable Treatment: Content, Practice, Method’ in Marc Bungenberg, Jörn Griebel, Stephan Hobe and August Reinisch (eds), International Investment Law: A Handbook (Nomos, CH Beck, Hart 2015) 700.
62 Swisslion DOO Skopje v The Former Yugoslav Republic of Macedonia, ICSID Case No ARB/09/16, Award (6 July 2012); Bosh International, Inc and B&P Ltd Foreign Investments Enterprise v Ukraine, ICSID Case No ARB/08/11, Award (25 October 2012); Cervin Investissements SA and Rhone Investissements v Republic of Costa Rica, ICSID Case No ARB/13/2, Final Award (7 March 2017); Sergei Paushok, CJSC Golden East Co and CJSC Vostokneftegaz Co v The Government of Mongolia, Award on Jurisdiction and Liability (28 April 2011) IIC 490.
63 See eg the Agreement between the Republic of Guatemala and The Republic of Trinidad and Tobago on the Reciprocal Promotion and Protection of Investments (Guatemala–Trinidad and Tobago) (adopted 13 August 2013, entered into force 23 June 2016) art 4.
64 See eg Quarantine (Prevention of the Spread of Infectious Disease) (COVID-19) Regulations, 2020 (BLZ), s 16(1).
65 See eg Emergency Powers (Covid-19) (No. 3) Regulations, 2020 (GD), s 5(1); Public Health Act (Dangerous Infectious Disease) (Amendment) (No 6) Regulations 2020, r 4(1).
66 See eg the COVID-19 (Prevention and Control) Act, 2020 (LC), s 14, 15(1), 25(4).
67 Allard (n 26).
68 Técnicas Medioambientales Tecmed, SA v The United Mexican States, ICSID Case No ARB(AF)/00/2, Award (29 May 2003) [154].
69 ibid [122].
70 Novenergia II—Energy & Environment (SCA) (Grand Duchy of Luxembourg), SICAR v The Kingdom of Spain, SCC Case No 2015/063, Final Award (15 February 2008) [695].
71 Urbaser SA and Consorcio de Aguas Bilbao Bizkaia, Bilbao Biskaia Ur Partzuergoa v The Argentine Republic, ICSID Case No ARB/07/26, Award (8 December 2016).
72 ibid [628].
73 ibid.
74 AWG Group Ltd v The Argentine Republic, ICSID Case No ARB/03/19, Decision on Liability (30 July 2010) [236].
75 ICSID Case No ARB/07/17, Award (21 June 2011) [291].
76 Michele Potestà, ‘Legitimate Expectations in Investment Treaty Law: Understanding the Roots and the Limits of a Controversial Concept’ (2013) 28 ICSID Review—Foreign Investment Law Journal 88, 122.
77 Tecmed (n 68) [154].
78 ibid.
79 Cooperation and Investment Facilitation Agreement between the Federative Republic of Brazil and the Co-Operative Republic of Guyana (Brazil–Guyana) (adopted 13 December 2018) art 4(4).
80 Rumana Islam, The Fair and Equitable Treatment (FET) Standard in International Investment Arbitration: Developing Countries in Context (Springer 2018) 53; Roman Picherack, ‘The Expanding Scope of the Fair and Equitable Treatment Standard: Have Recent Tribunals Gone Too Far?’ (2008) 9 The Journal of World Investment & Trade 291.
81 Adel A Hamadi Al Tamimi v Sultanate of Oman, ICSID Case No ARB/11/33, Award (3 November 2015) [399].
82 Plama Consortium Ltd v Republic of Bulgaria, ICSID Case No ARB/03/24, Award (27 August 2008) [219]–[221].
83 Methanex (n 50) part IV, ch D [9]–[10].
84 Swisslion (n 62); Valeri Belokon v Kyrgyz Republic, Award (24 October 2014) IIC 760; Ulysseas, Inc v The Republic of Ecuador, Final Award (12 June 2012) IIC 548; TECO Guatemala Holdings, LLC v Republic of Guatemala, ICSID Case No ARB/10/23, Award (19 December 2013) [454].
85 Emergency Management (Covid 19) Order, 2020 (BB), ss 8(6) and 9(4).
86 COVID-19 (Prevention and Control) Act 2020 (LC), s 46.
87 ICSID Case No ARB/05/22, Award (24 July 2008).
88 TECO Guatemala (n 84).
89 ibid [492].
90 Ibid [493].
91 ICSID Case No ARB/07/19, Decision on Jurisdiction, Applicable Law and Liability (30 November 2012) [7.77].
92 ICSID Case No ARB/06/18, Decision on Jurisdiction and Liability (14 January 2010) [273].
93 ibid.
94 L F H Neer and Pauline Neer (USA) v United Mexican States (1926) 4 RIAA 60, 61–62 [4].
95 See eg Agreement between the Government of Barbados and the Government of the People’s Republic of China for the Promotion and Protection of Investments (Barbados–China) (adopted 20 July 1998, entered into force 1 October 1999) art 3(1).
96 Christoph Schreuer, ‘Full Protection and Security’ (2010) 1 Journal of International Dispute Settlement 353; Mahnaz Malik, ‘The Full Protection and Security Standard Comes of Age: Yet Another Challenge for States in Investment Treaty Arbitration?’ (IISD, November 2011) 1 <www.iisd.org/system/files/publications/full_protection.pdf> accessed 9 August 2021.
97 Allard (n 26).
98 American Manufacturing & Trading, Inc v Republic of Zaire, ICSID Case No ARB/93/1, Award (21 February 1997).
99 Asian Agricultural Products Ltd v Republic of Sri Lanka, ICSID Case No ARB/87/3, Final Award (27 June 1990).
100 ICSID Case No ARB/01/12, Award (14 July 2006).
101 ibid [406].
102 Treaty between the United States of America and Grenada Concerning the Reciprocal Encouragement and Protection of Investments (USA–Grenada) (adopted 2 May 1986, entered into force 3 March 1989) art II(5); Treaty between the United States of America and Jamaica Concerning the Reciprocal Encouragement and Protection of Investments (USA–Jamaica) (adopted 4 February 1994, entered into force 7 March 1997) art II(5); Treaty between the United States of America and the Government of the Republic of Trinidad and Tobago Concerning the Encouragement and Reciprocal Protection of Investment (USA–Trinidad and Tobago) (adopted 26 September 1994, entered into force 26 December 1996) art VI.
103 Howard Mann, ‘The Right of States to Regulate and International Investment Law: A Comment’ in UNCTAD, The Development Dimension of FDI: Policy and Rule-Making Perspectives (UNCTAD 2002) 211.
104 Alexandre Genest, Performance Requirement Prohibitions in International Investment Law (Brill Nijhoff 2019).
105 Mobil Investments Canada Inc and Murphy Oil Corp v Canada, ICSID Case No ARB(AF)/07/4, Decision on Liability and on Principles of Quantum (22 May 2012) [429].
106 Lemire (n 92).
107 Alexandre Genest, ‘Performance Requirement Prohibitions, Lemire v Ukraine and Mobil v Canada: Stuck Between a Rock and a Hard Place’ (2013) 47 Revue Juridique Thémis 433.
108 ICSID Case No ARB/03/24, Award (27 August 2008) [269].
109 Lemire v Ukraine (n 92) [506].
110 Jürgen Kurtz, ‘Adjudging the Exceptional at International Investment Law: Security, Public Order and Financial Crisis’ (2010) 59 International and Comparative Law Quarterly 325; Martins Paparinskis, ‘Circumstances Precluding Wrongfulness in International Investment Law’ (2016) 31(2) ICSID Review—Foreign Investment Law Journal 484.
111 James Crawford, The International Law Commission’s Articles on State Responsibility: Introduction, Text and Commentaries (Cambridge University Press 2002); Vaughan Lowe, ‘Precluding Wrongfulness or Responsibility: A Plea for Excuses’ (1999) 10 European Journal of International Law 405.
112 Aishwarya Gulati and others, ‘A Comprehensive Review of Manifestations of Novel Coronaviruses in the Context of Deadly COVID-19 Global Pandemic’ (2020) 360 The American Journal of the Medical Sciences 5.
113 Alberto Alvarez-Jiménez, ‘Foreign Investment Protection and Regulatory Failures as States’ Contribution to the State of Necessity under Customary International Law—a New Approach Based on the Complexity of Argentina's 2001 Crisis’ (2010) 27 Journal of International Arbitration 141; José E Alvarez and Tegan Brink, ‘Revisiting the Necessity Defense’ (2010) Yearbook on International Investment Law and Policy 2010–2011 9; Maria Agius, ‘The Invocation of Necessity in International Law’ (2009) 56 Netherlands International Law Review 95; Jens David Ohlin and Larry May, Necessity in International Law (Oxford University Press 2016); Jonathan Bellish, ‘In Principle but Not in Practice: The Expansion of Essential State Interests in the Doctrine of Necessity under Customary International Law’ (2012) 41 Denver Journal of International Law & Policy 127; S R Subramanian, ‘Too Similar or Too Difficult: State of Necessity as a Defence under Customary International Law and the Bilateral Investment Treaty and their Relationship’ (2012) 9 Manchester Journal of International Economic Law 68.
114 PCA Case No 2014-10, Interim Award (13 December 2017) [231].
115 ibid [238].
116 ibid.
117 International Law Commission, ‘Draft Articles on Responsibility of States for Internationally Wrongful Acts’ (2001) UN Doc A/56/10.
118 David Collins, Introduction to International Investment Law (Cambridge University Press 2016).
119 International Law Commission (n 117).
120 ICSID Case No ARB/01/8, Award (12 May 2005).
121 ICSID Case No ARB/01/3, Award (22 May 2007).
122 ICSID Case No ARB/02/16, Award (28 September 2007).
123 Michael Waibel, ‘Two Worlds of Necessity in ICSID Arbitration: CMS and LG&E’ (2007) 20 Leiden Journal of International Law 637; Tarcisio Gazzini, ‘Necessity in International Investment Law: Some Critical Remarks on CMS v Argentina’ (2008) 26 Journal of Energy & Natural Resources Law 450; Andreas Von Staden, ‘Towards Greater Doctrinal Clarity in Investor-State Arbitration: The CMS, Sempra, and Enron Annulment Decisions’ (2011) 2 Czech Yearbook of International Law 207; Jonathan Bellish, ‘In Principle but Not in Practice: The Expansion of Essential State Interests in the Doctrine of Necessity under Customary International Law’ (2012) 41 Denver Journal of International Law & Policy 127.
124 See generally, Michael Waibel, ‘Two Worlds of Necessity in ICSID Arbitration: CMS and LG&E’ (2007) 20 Leiden Journal of International Law 637, 645.
125 LG&E Energy Corp, LG&E Capital Corp, and LG&E International, Inc v Argentine Republic, ICSID Case No ARB/02/1, Award (25 July 2007).
126 Rudolf Dolzer and Christoph Schreuer, Principles of International Investment Law (2nd edn, Oxford University Press 2012); Peter Muchlinski, Federico Ortino, and Christoph Schreuer (eds), The Oxford Handbook of International Investment Law (Oxford University Press 2008); Mark Augenblick and Alison Rousseau, ‘Force Majeure in Tumultuous Times: Impracticability as the New Impossibility: It’s Not as Easy to Prove as You Might Believe’ (2012) 13 The Journal of World Investment & Trade 59; Anne Van Aaken, ‘International Investment Law between Commitment and Flexibility: A Contract Theory Analysis’ (2009) 12 Journal of International Economic Law 507; Christoph Brunner, Force Majeure And Hardship Under General Contract Principles: Exemption For Non-Performance in International Arbitration (Kluwer Law International 2009); Georges René Delaume, ‘Excuse for Non-Performance and Force Majeure in Economic Development Agreements’ (1971) 10 Columbia Journal of Transnational Law 242.
127 Autopista Concesionada de Venezuela, CA v Bolivarian Republic of Venezuela, ICSID Case No ARB/00/5, Award (23 September 2003).
128 Muhammad Shereen and others, ‘COVID-19 Infection: Origin, Transmission, and Characteristics of Human Coronaviruses’ (2020) 24 Journal of Advanced Research 91; David Morens and others, ‘The Origin of COVID-19 and Why It Matters’ (2020) 103 The American Journal of Tropical Medicine and Hygiene 955; Tao Zhang, Qunfu Wu and Zhigang Zhang, ‘Probable Pangolin Origin of SARS-Cov-2 Associated with the COVID-19 Outbreak’ (2020) 30 Current Biology 1346.
129 Martin Jarrett, Contributory Fault and Investor Misconduct in Investment Arbitration (Cambridge University Press 2019); Wojciech Sadowski, ‘Yukos and Contributory Fault’ (2015) 12 Transnational Dispute Management 1; Jean-Michel Marcoux and Andrea K Bjorklund, ‘Foreign Investors’ Responsibilities and Contributory Fault in Investment Arbitration’ (2020) 69 International & Comparative Law Quarterly 877; Borzu Sabahi and Kabir Duggal, ‘Occidental Petroleum v Ecuador (2012) Observations on Proportionality, Assessment of Damages and Contributory Fault’ (2013) 28 ICSID Review—Foreign Investment Law Journal 279; Farouk El-Hosseny and Patrick Devine, ‘Contributory Fault under International Law: A Gateway for Human Rights in ISDS?’ 35 ICSID Review—Foreign Investment Law Journal 105; Judith Gill and Rishab Gupta, ‘The Principle of Contributory Fault after Yukos’ (2015) 9 Dispute Resolution International Law Journal 93; Sergey Ripinsky and Kevin Williams, Damages in International Investment Law (British Institute of International and Comparative Law 2008).
130 MTD Equity Sdn Bhd and MTD Chile SA v Republic of Chile, Case No ARB/01/7, Award (25 May 2004); Occidental Petroleum Corp and Occidental Exploration and Production Co v The Republic of Ecuador, ICSID Case No ARB/06/11, Award (5 October 2012); Yukos Universal Ltd (Isle of Man) v The Russian Federation, PCA Case No 2005-AA227, Final Award (18 July 2014).
131 Vinci Airports v Chile (n 14).
132 SGS Société Générale de Surveillance SA v Republic of the Philippines, ICSID Case No ARB/02/6, Decision on Objections to Jurisdiction and Separate Declaration (29 January 2004).
133 Nathalie Bernasconi-Osterwalder, Sarah Brewin and Nyaguthii Maina, ‘Protecting Against Investor-State Claims Amidst COVID-19: A Call to Action for Governments’ (International Institute for Sustainable Development, April 2020).
134 Daria Davitti and others, ‘COVID-19 and the Precarity of International Investment Law’ (IEL Collective, 6 May 2020) <medium.com/iel-collective/covid-19-and-the-precarity-of-international-investment-law-c9fc254b3878> accessed 9 August 2021.
135 UNCTAD, ‘International Investment Agreements Reform Accelerator’ (2020) 3 <https://unctad.org/system/files/official-document/diaepcbinf2020d8_en.pdf> accessed 9 August 2021.
136 Vinci Airports v Chile (n 14).
137 Davitti and others (n 134).
Additional information
Notes on contributors
Jason Haynes
Jason Haynes is Deputy Dean (Graduate Studies and Research) at The University of the West Indies, Cave Hill Campus, Barbados, West Indies and an Academic Fellow at The Honourable Society of the Middle Temple.
Antonius R. Hippolyte
Antonius R Hippolyte is a Law Lecturer at the University of the West Indies, Cave Hill Campus, Barbados, West Indies, with expertise in international economic governance, specifically in international economic law and development. Most of his research examines the participation of developing countries in international investment law.