Analysis of Doctrine of Permanent Sovereignty Over Natural Resources

Abstract

The doctrine of permanent sovereignty over natural resources deals with the right of the state to freely use, exploit and regulate its natural resources within its territory. This principle relates upon a number of areas of international law which includes, exploitation of resources by individuals of one state or of another state, expropriation, territorial rights, concession and other economic aspects. The roots of this principle goes down to the right of self-determination and economic development for developing states and hence has become a key factor influencing the foreign investment regulations, environment law, resource management, sustainable development and economic developments. This principle of permanent sovereignty together with the right of self determination was considered to be an important aspect of the decolonization process. As a result of this declaration being a key factor in the formulation of different laws it is considered to be an opinio juris communis on certain principal dimensions. This article attempts to discuss the new direction taken by this doctrine in the growing independent world and creating right and obligations over the states. It will further discuss the objects and the reflection of this principle in the treaty law and certain judicial decisions.