Promotors:
Prof. dr. Stefaan SMIS
Prof. dr. Christian Bahati BALAOKWIBUYE (UCB)
Research partner/
In collaboration with:
Université Catholique de Bukavu (UCB)
Funding:
VUB UNIVERSITAS scholarship
The Universitas scholarship programme aims to strengthen existing cooperation between VUB and partners in the Global South. Consequently, the Universitas scholarships will, as part of the internationalisation policy of VUB, contribute to the realisation of the SDGs.
Title PhD
The Analysis of the effectiveness of sustainable development obligations in Bilateral Investment Treaties in light of the jurisprudence of the International Centre for Settlement of Investment Disputes (ICSID).
Research field/ discipline
Public Internal law.
Introduction PhD
Analyse the effectiveness of States using BITs as a means achieving sustainable development.
Abstract
For many countries in the Global South, including the Democratic Republic of Congo (DRC), foreign direct investments (FDI) are crucial for the exploitation of their resources, economic growth, and development. These investments are most often regulated by a body of bilateral investment treaties (BIT). However, while being essential for their development, countries in the Global South nevertheless often lack sufficient expertise in investment law to be able to compete with their counterparts in the North, resulting in unbalanced investment agreements and contracts. Indeed, the global bilateral investment treaty (BITs) regime is increasingly being challenged. At the heart of these challenges are the sustainable development issues it faces in both its treaty and jurisdictional phases. Measures taken by states in this direction have been challenged, notably before the ICSID, without any relevant impact on the proceedings. These proceedings have often ended with the granting of monetary compensations likely to negatively affect their public interest policy. Since sustainable development has attracted the attention of the international community's political, economic and social agendas, reform of BITs have taken place with a view to responsible international investment. This study analyses the legal implications of these reforms by comparing them with ICSID case law discussing sustainable development issues. It will thus be able to situate the legal status of sustainable development in general international law, its opposability to investors and its role in the assessment of unlawful behaviour reproached to the State, or form the angle of possible counterclaims. In this way, the study will identify guidelines for investment that is compatible with the objective of sustainable development in the context of extractive economies.