Towards a greater depoliticization of investment disputes : the roles of ICSID and MIGA
Shihata, Ibrahim F.I.
Abuses of diplomatic protection in the 19th century led some developing countries to insist that disputes with foreign investors be settled exclusively before their domestic courts and according to their domestic law. By virtue of the Calvo Clause, Latin American countries required foreign investors to waive appeal to diplomatic protection by their states. However the governments of the foreign investor were not subject to this clause since governments are immune from suit under customary international law unless they waive their diplomatic protection. Therefore the Calvo Doctrine did not succeed in preventing the states of foreign investors from politically intervening to defend the interests. As a result, developing countries in Latin America particularly were forced to accept the jurisdiction of domestic courts in these foreign states even when their own laws were conflicting. This report describes how the international organizations, the International Centre for the Settlement of investment Disputes (ICSID) and the Multilateral Investment Guarantee Agency operate to help avoid disputes between foreign investors and their host countries.
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