Striking a Balance between the Protection of Foreign Investment and the Safeguard of Cultural Heritage in International Investment Agreements: Can General Exceptions Make a Difference?

Abstract

The object of this article is to examine different options in investment treaty making for addressing and preventing potential conflicts of norms that involve investment and cultural heritage rights. For this purpose, it will be taken into account the rationale of intergenerational justice and the extent to which it may underpin the protection of cultural heritage within the realm of international investment law. Part II is devoted to examine the interface between investment treaty obligations and international cultural heritage law. It explores potential conflicts of norms and delves into the culture-related cases in investor-State arbitration. Part III turns then into the analysis of investment treaty making alternatives deemed consistent with the safeguard of cultural heritage. This part addresses first the option of a refinement of treaty standards of investment protection, an ends up with an analysis concerning the suitability of including culture-related IIA exceptions. Part IV provides the overall conclusions of the study.