Legal Responses to the Breach of Host Country's Commitments in Overseas Invest-ment:Based on the Application of Legitimate Expectations in Investment Arbitration
The principle of legitimate expectations has developed independently and been frequently applied in investment arbitration practice.To apply this principle,it is necessary to first determine whether an investor has formed an expectation worthy of treaty protection.In arbitration practice,according to different requirements for the clarity of specific commitments made by the host country,it can be divided into three paths:strict,balanced,and broad.In the absence of clear commitments,the path by which the arbitration tribunal still determines that an investor has formed a legitimate expectation has sparked great controversy.This article examines two recent typical cases under this path,investigates how the arbitration tribunal cites precedents and doctrines,comprehensively combines facts,and further clarifies the boundaries between the legitimate expectations of investors and the legitimate regulatory rights of the host country by judging the specificity of commitments.In the future,China should pay more attention to the evolution and development of investment arbitration practice and advocate the application of the balanced path to improve domestic governance levels and safeguard overseas investment interests.
the principle of legitimate expectationsapplication pathsspecific commitmentsprotection of overseas investment
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