On the Issue of International Legal Protection of Foreign Investment in the Era of the Digital Economy (Theoretical Aspect)
Abstract
The article discusses some theoretical aspects of the international legal protection of foreign investment in the era of the digital economy. The author highlights some problematic issues of the settlement of investment disputes between the investor and the state, as well as the judicial practice of the arbitration tribunals of the International Center for the Settlement of Investment Disputes. The important role of judicial precedent, the Washington Convention of the ICSID, the Vienna Convention on the Interpretation of Treaties (hereinafter referred to as the Vienna Convention) and scientific developments in identifying foreign investment at the present stage of social development are emphasized. Based on their analysis, a contribution to the development of the category of foreign investments is made and the need for further full application of the Salini test in the practice of ICSID arbitration in order to qualify the project as foreign contributions to the economy is substantiated. It is emphasized that the Convention contains quite comprehensive conceptual legal and economic characteristics of investments with a foreign element, suitable for assessment in arbitration practice of the settlement of disputes between investor and state in a digital economy. Which should be projected into national legislation and interstate investment agreements to create a favorable investment regime and implement guarantees for the protection of foreign investors on the basis of an established arsenal of economic and legal research.
About the Author
V. A. Sereda
Plekhanov Russian University of Economics, 36 Stremyanny Lane
Russian Federation
Russian Federation
PhD of Law, Associate Professor of the Department of Civil Legal Disciplines
Moscow, 117997, Russian Federation
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Review
For citations:
Sereda V.A. On the Issue of International Legal Protection of Foreign Investment in the Era of the Digital Economy (Theoretical Aspect). ECONOMICS. LAW. SOCIETY. 2020;5(2):72-78. (In Russ.)
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