Rebalancing sovereignty and investor rights: reforming International Investment Agreements in the 21st century

Jaloliddin Rakhmonov

doi:10.47689/2181-1415-vol6-iss7/S-pp148-152

Jaloliddin Rakhmonov Lecturer, Tashkent State University of Law

DOI

https://doi.org/10.47689/2181-1415-vol6-iss7/S-pp148-152

Keywords

International Investment Agreements (IIAs) , sovereignty , investor rights , Investor–State Dispute Settlement (ISDS) , treaty reform , public policy

Abstract

This article examines the evolving relationship between state sovereignty and investor rights in international investment law, with a focus on recent reforms aimed at rebalancing the two. Over the past few decades, the traditional regime of international investment agreements (IIAs) has been criticized for favoring investor rights at the expense of host states' regulatory authority. In response, many states have moved towards new-generation treaties that safeguard public policy objectives while ensuring fair treatment for investors. The article explores key reform initiatives, including substantive changes to treaty provisions and procedural adjustments to the investor–state dispute settlement (ISDS) system. It also critically assesses whether these reforms effectively address the concerns of sovereignty and investor protection in the context of global challenges such as climate change, public health, and economic security.

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References

United Nations Conference on Trade and Development (UNCTAD), “International investment agreements trends: the increasing dichotomy between new and old treaties,” IIA Issues Note No. 2 (Oct. 2024)

South Centre & Geneva Graduate Institute, “Investor Obligations in International Investment Law,” Report (Dec. 2024)

Kyla Tienhaara et al., “Ending the Era of Investor-State Dispute Settlement,” CIGI Policy Brief (2023)

Ilona Trouillet & Alexis Namdar, “Exodus From The Energy Charter Treaty – What is Left of Europe’s Protections for Investors?” (Proskauer Rose LLP blog, Jan. 16, 2024).

South Centre, “Investor Obligations in International Investment Law,” supra, at 44.

Ibironke Odumosu-Ayanu, “The AfCFTA Investment Protocol: A New Age for Regional Investment and Dispute Resolution,” Harvard Int’l Law Journal Online (Apr. 2025).

South Centre, “Investor Obligations in International Investment Law,” supra, at 7–8.

María José Alarcón, “ICSID Reform: Balancing the Scales?” (Kluwer Arbitration Blog, Jan. 28, 2022).

Jack Bownes, “Exploring Reform of ISDS: UNCITRAL Working Group III’s Recent Focus,” Daily Jus (Sept. 11, 2024).

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Published

2025-07-25

How to Cite

Rakhmonov, . J. (2025). Rebalancing sovereignty and investor rights: reforming International Investment Agreements in the 21st century. Society and Innovation, 6(7/S), 148–152. https://doi.org/10.47689/2181-1415-vol6-iss7/S-pp148-152