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Ortino, Federico; Mersadi Tabari, Nima --- "International dispute settlement: The settlement of investment disputes concerning natural resources – applicable law and standards of review" [2016] ELECD 1355; in Morgera, Elisa; Kulovesi, Kati (eds), "Research Handbook on International Law and Natural Resources" (Edward Elgar Publishing, 2016) 496

Book Title: Research Handbook on International Law and Natural Resources

Editor(s): Morgera, Elisa; Kulovesi, Kati

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781783478323

Section: Chapter 24

Section Title: International dispute settlement: The settlement of investment disputes concerning natural resources – applicable law and standards of review

Author(s): Ortino, Federico; Mersadi Tabari, Nima

Number of pages: 21

Abstract/Description:

Keywords: investment disputes, applicable law, internationalisation, standards of review, deference. The resolution of investment disputes over natural resources has become a very sensitive and potentially controversial matter as investment tribunals are playing a key role in shaping the global regulatory and governance framework applicable to natural resources. This chapter focuses on two key aspects of such disputes, namely ‘applicable law’ and ‘standard of review’. With regard to applicable law, we argue that the so called internationalisation is justified only in specific circumstances and in any event, tribunals will necessarily need to consider a wide set of relevant legal sources including domestic law and other international non-economic law. With regard to the standard of review, we argue that the nature of the applicable norm (rule v standard and process v result), the nature of the governmental functions under review (legislative v administrative) and the nature of the interests at issue should provide a more structured and principled basis for identifying the appropriate standards of review for both investment treaty and contract disputes over natural resources.