Business Corporations as Non-State Actors in International Law: A Brand-New International Law-Making Process through Investment Treaty Arbitration

Abstract

This chapter aims to describe and analyse a change of law-making process in one area of international law-international investment law. It first provides an overview of the rise of a form of international commercial arbitration which is described as 'investment arbitration. The chapter then goes on to explain why the investor-State arbitration model is now of special importance for business corporations. In particular it notes that the investment arbitration model does not work if the other party to a dispute is the host State itself. Third, it describes how business corporations can strategically create a new order of international law through investment treaty arbitration. Finally, the chapter raises issues about the future, including whether this type of law-making process will emerge in other areas, and the range of possible responses to the challenges to which this gives rise. Keywords:business corporations; international investment law; investment arbitration; investment treaty arbitration