La protection internationale des investissements étrangers dans la Communauté Économique des Etats de l’Afrique de l’Ouest (CEDEAO) suppose d’établir la compétence de celle-ci à assurer une sécurisation des biens des opérateurs économiques ressortissants d’Etats tiers dans son espace. Ainsi, il a été démontré que, par le biais de ses instruments de réalisation de l’intégration régionale, cette organisation communautaire pourrait être amenée à assurer une sécurisation des investissements étrangers. Mais, quoique fusse grande la volonté de la CEDEAO d’assumer une telle fonction, l’analyse démontre qu’elle présente certaines insuffisances qui sont intrinsèquement liées à la différence de nature entre le droit communautaire et le droit conventionnel des investissements. Face à ce constat, il urgeait de trouver d’autres instruments supplétifs, voire complémentaires dans la protection communautaire des investissements étrangers. Ces dits instruments ont été localisés dans le droit international général, tant à travers ses règles substantielles que ses mécanismes procéduraux. Cependant, si la protection que procure le droit de la CEDEAO sur les biens des investisseurs étrangers a été jugée inefficace, celle du droit international, en revanche, semble excessive au point d’être préjudiciable aux Etats hôtes, si tant qu’elle nécessite un nivellement. À l’examen, l’observateur pourrait avoir la sensation qu’il existe un bras de fer entre le droit international et le droit communautaire dans la sécurisation des biens des opérateurs économiques étrangers. Cet observateur constatera ensuite que le droit de la protection des étrangers entre dans une nouvelle ère. En effet, longtemps limitée dans le cadre bilatéral entre Etat d’origine et Etat d’accueil de l’investissement, la problématique de la sécurisation des investissements étrangers a acquis une telle acuité dans la vie économique des entités étatiques qu’elle tend à devenir une affaire de communauté. Il se rendra, enfin, surtout compte que, si le droit conventionnel des investissements a pour visée la protection des étrangers, il peut, à certains égards, constituer un stimulant à la bonne gouvernance. / The international protection of foreign Investments within the Economic Community of West African States (ECOWAS) requires establishing the competence of the latter to ensure the security of the property of economic operators who are nationals of third States in its area. Thus, it has been shown that through its instruments for achieving regional integration, this community organization could be led to ensure the security of foreign investments. But, although ECOWAS’s willingness to assume such a function is great, the analysis shows that it has certain shortcomings which are intrinsically linked to the difference in nature between Community law and the Conventional law of investment. In this view, it was urgent to find other supplementary and even complementary instruments in the community protection of foreign investments within the community. These instruments have been localized in General International Law both through its substantive rules as in its procedural mechanics. However, while the protection afforded by ECOWAS law to the properties of foreign investors has been found to be ineffective, that of the international law, on the other hand, seems excessive to the point of being detrimental to host States, as long as it requires leveling. On examination, the observer might have the feeling that there is a tug of war between International law and Community law in securing the assets of foreign economic operators. This observer will then note that the law of the protection of foreigners enters a new era. Indeed, for a long time limited in the bilateral framework between the State of origin and the host States of the investment, the issue of securing foreign investments has acquired such acuity in the economic life of the State entities that it is tends to become a community affair. Finally, i twill be appreciated that, while the purpose of conventional investment law is the protection of foreigners, it may, in some respects, be a stimulus to good governance.

Depuis les années deux-mille, les Etats latino-américains ont activement participé aux arbitrages d’investissement administrés par le Centre international pour le règlement des différends relatifs aux investissements (CIRDI). Ainsi, la pratique arbitrale de ce Centre trouve son origine dans les très nombreuses affaires latino-américaines qui ont permis d’encadrer la procédure et d’entériner certaines pratiques liées aux questions de fond de l’arbitrage. Les affaires latino-américaines ont enrichi la procédure en consacrant notamment la participation des tiers à la procédure arbitrale par le biais de l’amicus curiae (l’ami de la Cour). Cette innovation démontre la prise en compte de l’impact des questions d’intérêt public sur les populations concernées. Les divers standards juridiques insérés dans les accords d’investissement ont également été invoqués par les investisseurs afin de voir engagée la responsabilité internationale des Etats. Ainsi, les arbitres ont pu s’exprimer sur le caractère imprécis de certains standards comme celui du traitement juste et équitable. Les tribunaux ont dégagé certains étalons de mesure qui permettent d’évaluer et de comparer les éléments de l’affaire. Deux étalons de mesure semblent être pertinents dans le cas latino-américain. Il s’agit du respect de la stabilité du cadre juridique puis de la protection des attentes légitimes de l’investisseur. C’est dans ce cadre que les Etats latino-américains ont réagi différemment face au contentieux arbitral auprès du CIRDI, ce dernier ayant fait l’objet de critiques quant à sa légitimité et quant aux différentes condamnations prononcées par les tribunaux à l’encontre des Etats. Certains Etats ont pris l’initiative de dénoncer les accords internationaux donnant compétence au CIRDI et de créer un nouveau centre d’arbitrage sur le continent, capable de connaître les différends en matière d’investissement. Ceci dit, les décisions et sentences arbitrales rendues dans le contexte latino-américain constituent une source d’inspiration précieuse pour les arbitrages internationaux en cours et futurs. / Since 2001, Latin American Countries have actively participated in investment arbitrations administered by the International Centre for Settlement of Investment Disputes (ICSID). Because of that the way to arbitrate in this Centre base itself on a great number of Latin American affairs which helped to delimit the procedures and endorse some practices linked to the very founding principles of arbitration.The procedure of arbitration has been improved by Latin American affairs, by example with the help of the Amicus Curiae, which is the participation of a third party to the arbitral process. This innovation shows how much these questions of public interest are important for the populations concerned.The multiple juridical standards inserted in the investment agreements have often been brought forward by the investors in order to see the responsibility of some countries engaged in an international way. Arbitrators have been able to emphasize on the inaccuracy of some of these standards, such as the the fair and equitable treatment.Different ways to measure the elements of an affair have been brought to light by the tribunals. Two of them are present in the case of Latin American affairs: the compliance with the juridical framework stability and the protection of the investor's legitimate expectations.Latin American countries did take action differently in front of the arbitrations brought to the ICSID which was criticized for its lack of legitimacy and for its decisions in a great number of cases against these countries. Some countries renounced the international treaties giving the ICSID its arbitration rights and created a new arbitration center on the continent capable of giving a ruling in the matter of investment affairs. In spite of this the arbitral decisions and the arbitral awards in the Latin American context should be able to be inspirations for the future of arbitration.

TREATY SHOPPING IN INTERNATIONAL INVESTMENT LAW ABSTRACT Treaty shopping is a term used to describe a change of the corporate structure of an investor with the aim of falling within the scope of a chosen investment treaty that would otherwise not be accessible to the investor in order to take advantage of its benefits. This thesis offers a comprehensive overview and analysis of treaty shopping in international investment law with the aim of clarifying what the limits of treaty shopping are and whether they are currently taken into account by investment tribunals. The thesis first examines several related theoretical issues. After introducing the notion of treaty shopping and outlining the negative impacts it may have (Chapter 1), the attention is turned to the question of how to approach the nationality of legal persons in international law and under investment treaties, since nationality is the key concept that enables treaty shopping (Chapter 2). Different corporate nationality criteria - incorporation, seat, control and effective activities - are introduced and described. The chapter also strives to illuminate how nationality is understood under the ICSID Convention. The subsequent analysis focuses on the denial of benefits clauses (Chapter 3) that are inserted into some treaties to prevent treaty...

O novo contexto do Direito Internacional tem buscado acomodar interesses econômicos às exigências de proteção ambiental, em linha com o desenvolvimento sustentável. Nesse particular, o investimento estrangeiro é elemento-chave e contribui para a aproximação entre Direito Internacional do Investimento Estrangeiro e Direito Internacional Ambiental, tanto em relação à elaboração de normas substantivas quanto aos processos de adjudicação. Embora já existam diversos trabalhos voltados a demonstrar como os investimentos estrangeiros podem contribuir com a preservação ambiental, pouco se tem escrito sobre os aspectos mais práticos dessa interação. Durante muito tempo, o caráter vago e impreciso da redação dos tratados ambientais dificultava sua aplicação às operações dos investidores. Contudo, a crescente consciência de parcela significativa da população mundial sobre a proteção ao meio ambiente está dando vida a cláusulas com conteúdo ambiental até então dormentes. Nesse contexto, o objetivo do presente trabalho é analisar empiricamente qual o tratamento concedido às questões ambientais suscitadas nos casos decididos pelos tribunais do Centro Internacional para Resolução de Disputas de Investimento (International Centre for Settlement of Investment Disputes), o ICSID, no período entre 2000-2013. Para tanto, a pesquisa foi dividida em três partes. A primeira parte é dedicada ao contexto histórico que permitiu a aproximação entre Direito Internacional do Investimento Estrangeiro e do Direito Ambiental Internacional. Na segunda parte o ICSID é apresentado, de modo a compreender sua organização e funcionamento e, principalmente, de que forma as questões ambientais podem ser suscitadas no âmbito das disputas de investimento. E, por fim, os resultados obtidos a partir da pesquisa empírica das decisões proferidas pelos tribunais do ICSID são apresentados, sistematizando os argumentos apresentados pelas partes, bem como aqueles utilizados pelos tribunais ao decidir os litígios de investimento compreendendo a matéria ambiental. / The new context of International Law pursues the accommodation of economic interests to the needs of environmental protection, in line with the sustainable development. To that particular, the foreign investment is a key element and contributes to a closer relation between the Foreign Investment International Law and the Environmental International Law, inasmuch as in relation to the enactment of substantive laws, as towards to enforcement procedures. Although there are several studies aiming at demonstrating how foreign investments may contribute to the environmental protection, few has been written about the most practical aspects of such interaction. For a long time, the vague and imprecise character of the provisions in environmental treaties turn harder their enforcement towards the investment transactions. However, the growth in conscience on environment protection of a substantial portion of the world population has given life to clauses with environmental content that were dormant until recently. In this context, the objective of this study is to make an empiric analysis on the treatment granted to environmental matters raised in cases decided by the tribunals of the International Centre for Settlement of Investment Disputes, the ICSID, in the period between 2000 and 2013. For that, this research is divided in three parts. The first one is dedicated to the historical context that allowed the approximation between Foreign Investment International Law and Environmental International Law. In the second part the ICSID is presented, to allow a better comprehension of its organization and functioning and, mainly, the forms in which environmental matters can be raised within the scope of investment disputes. And, finally, the results obtained with the empiric research on the decisions enacted by the ICSID tribunals are presented, with a systematization of the arguments used by the involved parties, as well as the arguments adopted by the tribunals to decide the investment disputes comprising environmental matters.

La relation dialectique qui unit les traités bilatéraux d’investissement et la jurisprudence du Centre International de Règlement des Différends relatifs aux Investissements (CIRDI) a fait émerger un droit international des investissements. La rencontre de ces deux dynamiques a permis de dépasser leur caractère a priori isolé et fragmenté, pour aboutir à un véritable système juridique international, doté d’une structure, d’une logique et de principes propres. En effet, rien ne pouvait laisser envisager une telle évolution, le régime de l’investissement international se fondant sur une multitude de traités bilatéraux et sur une instance arbitrale ne faisant qu’héberger des tribunaux éphémères. Les mouvements de va-et-vient qui unissaient ces deux phénomènes ont permis de lui donner des normes quasi-universelles, mais aussi un véritable juge à la compétence extensive et surtout de lui insuffler l’unité, l’efficacité, la cohérence et la complétude, faisant de plus en plus ressembler le droit international des investissements à un véritable ordre juridique qui, même s’il relève du droit international, lui permet également d’évoluer. / The relashionship between bilateral investment treaties and the case-law of the International Centre for Settlement of Investment Disputes (ICSID) has led to the emergence of international investment law. It seems surprising, at first, that these two distinct phenomena, being isolated and fragmented, would reach a certain degree of unity so that a real international legal order could appear, with its own structure, reasoning and principles. No one could foresee such an evolution, the regime of international investment being founded on a large number of bilateral treaties and on an international institution which only provides facilities for arbitration of international investment disputes. The unity of the system has been discovered through the back and forth movements between treaties and arbitration which gave rise to international investment law. This system has now almost universal norms, an international judge and satisfies the criteria of unity, efficiency, consistency and completeness, producing a real legal order functioning in accordance with its own logic. There is no doubt that this evolution will influence the course of international law.

O presente trabalho tem como objeto a comparação entre a arbitragem comercial brasileira envolvendo a administração pública e a arbitragem de investimento no âmbito do International Centre for Settlement of Investment Disputes (ICSID, sigla em inglês) - fórum mundialmente mais utilizado para resolver controvérsias entre investidor estrangeiro e Estado hospedeiro. Para cumprir este objetivo contextualiza-se o investimento estrangeiro no cenário global e como ele vem sendo tratado pela legislação brasileira, verifica-se a forma de operacionalização das arbitragens no âmbito do ICSID. Ainda, discute-se a arbitrabilidade, o direito aplicável e a forma de execução de sentenças pela referida Instituição, tanto de forma teórica como por meio de análise de casos. Foram selecionados casos paradigmas decididos no ICSID. Apresenta-se a legislação brasileira, no que tange a arbitragem envolvendo a administração pública e comparam-se as seguintes características com as da arbitragem ICSID: arbitrabilidade, direito aplicável; consentimento; procedimento arbitral, execução de sentença. Com a análise resultante deste estudo, revela-se que em termos de procedimento, consentimento e execução de sentença não há relevantes diferenças entre ambas as arbitragens. As características com as maiores diferenças de aplicação em ambos os sistemas são o direito aplicável e a arbitrabilidade. E, demonstrou-se que o sistema ICSID e os tratados ou acordos internacionais oferecem maior proteção ao investidor estrangeiro, enquanto a arbitragem com a administração pública brasileira, oferece mais instrumento de proteção ao Estado, como obrigatoriedade de utilização da lei local. / The object of this study is the comparison between the Brazilian commercial arbitration involving the public administration and the investment arbitration under the International Centre for Settlement of Investment Disputes (ICSID), which is the most utilized forum to resolve disputes among foreign investor and the host State. In order to fulfill this objective the foreign investment is placed in context within the global scenario and how it has been treated in Brazilian legal framework, identifying the arbitration operationalization under the ICSID. Also is discussed the arbitrability, the applicable law and the form of award enforcement by the said institution, both theoretically and through case laws. Model cases decided by the ICSID were selected. Brazilian legislation regarding arbitration involving the public administration is presented. and following features was compared with the ICSID arbitration characteristics: arbitrability, applicable law; consent; arbitral proceeding, award enforcement. The resulting analysis of this study reveal that there are no relevant differences in terms of proceeding, consent and award enforcement between both arbitrations models. The features that presented larger application differences on both systems are the applicable law and arbitrability. Moreover, ICSID system and the international treaties or agreements offer higher protection to the foreign investor, the arbitration with the Brazilian public administration, can be more protective to the state, especially because of the use os local laws.

O presente trabalho tem como objeto a comparação entre a arbitragem comercial brasileira envolvendo a administração pública e a arbitragem de investimento no âmbito do International Centre for Settlement of Investment Disputes (ICSID, sigla em inglês) - fórum mundialmente mais utilizado para resolver controvérsias entre investidor estrangeiro e Estado hospedeiro. Para cumprir este objetivo contextualiza-se o investimento estrangeiro no cenário global e como ele vem sendo tratado pela legislação brasileira, verifica-se a forma de operacionalização das arbitragens no âmbito do ICSID. Ainda, discute-se a arbitrabilidade, o direito aplicável e a forma de execução de sentenças pela referida Instituição, tanto de forma teórica como por meio de análise de casos. Foram selecionados casos paradigmas decididos no ICSID. Apresenta-se a legislação brasileira, no que tange a arbitragem envolvendo a administração pública e comparam-se as seguintes características com as da arbitragem ICSID: arbitrabilidade, direito aplicável; consentimento; procedimento arbitral, execução de sentença. Com a análise resultante deste estudo, revela-se que em termos de procedimento, consentimento e execução de sentença não há relevantes diferenças entre ambas as arbitragens. As características com as maiores diferenças de aplicação em ambos os sistemas são o direito aplicável e a arbitrabilidade. E, demonstrou-se que o sistema ICSID e os tratados ou acordos internacionais oferecem maior proteção ao investidor estrangeiro, enquanto a arbitragem com a administração pública brasileira, oferece mais instrumento de proteção ao Estado, como obrigatoriedade de utilização da lei local. / The object of this study is the comparison between the Brazilian commercial arbitration involving the public administration and the investment arbitration under the International Centre for Settlement of Investment Disputes (ICSID), which is the most utilized forum to resolve disputes among foreign investor and the host State. In order to fulfill this objective the foreign investment is placed in context within the global scenario and how it has been treated in Brazilian legal framework, identifying the arbitration operationalization under the ICSID. Also is discussed the arbitrability, the applicable law and the form of award enforcement by the said institution, both theoretically and through case laws. Model cases decided by the ICSID were selected. Brazilian legislation regarding arbitration involving the public administration is presented. and following features was compared with the ICSID arbitration characteristics: arbitrability, applicable law; consent; arbitral proceeding, award enforcement. The resulting analysis of this study reveal that there are no relevant differences in terms of proceeding, consent and award enforcement between both arbitrations models. The features that presented larger application differences on both systems are the applicable law and arbitrability. Moreover, ICSID system and the international treaties or agreements offer higher protection to the foreign investor, the arbitration with the Brazilian public administration, can be more protective to the state, especially because of the use os local laws.

(English) In the field of international law, the negotiated agreement between the EU and the US - TTIP - is a major source of law. In addition, its intended scope should encompass the provisions on investment protection. However, during the course of the bilateral negotiations, there was a leak of information which revealed that the agreement should include provisions of the dispute settlement mechanism that do not differ in its substantial aspects from those which are and have been incorporated into bilateral investment agreements between States. Therefore, in the process of investment disputes initiated under the TTIP agreement, the major influence would have had the provisions of international conventions which set out the rules for the functioning of the International Investment Tribunals - the Convention of the International Centre for the Settlement of Investment Disputes and the Arbitration Rules of the United Nations Commission on International Trade Law. However, given that both the general public and professional circles have long expressed concerns that question the very legitimacy of the international investment arbitration, this fact have been accepted with great disrespect. This was particularly, because of the previous practice of decision-making in the investment disputes, which...

O presente trabalho tem como objeto a comparação entre a arbitragem comercial brasileira envolvendo a administração pública e a arbitragem de investimento no âmbito do International Centre for Settlement of Investment Disputes (ICSID, sigla em inglês) - fórum mundialmente mais utilizado para resolver controvérsias entre investidor estrangeiro e Estado hospedeiro. Para cumprir este objetivo contextualiza-se o investimento estrangeiro no cenário global e como ele vem sendo tratado pela legislação brasileira, verifica-se a forma de operacionalização das arbitragens no âmbito do ICSID. Ainda, discute-se a arbitrabilidade, o direito aplicável e a forma de execução de sentenças pela referida Instituição, tanto de forma teórica como por meio de análise de casos. Foram selecionados casos paradigmas decididos no ICSID. Apresenta-se a legislação brasileira, no que tange a arbitragem envolvendo a administração pública e comparam-se as seguintes características com as da arbitragem ICSID: arbitrabilidade, direito aplicável; consentimento; procedimento arbitral, execução de sentença. Com a análise resultante deste estudo, revela-se que em termos de procedimento, consentimento e execução de sentença não há relevantes diferenças entre ambas as arbitragens. As características com as maiores diferenças de aplicação em ambos os sistemas são o direito aplicável e a arbitrabilidade. E, demonstrou-se que o sistema ICSID e os tratados ou acordos internacionais oferecem maior proteção ao investidor estrangeiro, enquanto a arbitragem com a administração pública brasileira, oferece mais instrumento de proteção ao Estado, como obrigatoriedade de utilização da lei local. / The object of this study is the comparison between the Brazilian commercial arbitration involving the public administration and the investment arbitration under the International Centre for Settlement of Investment Disputes (ICSID), which is the most utilized forum to resolve disputes among foreign investor and the host State. In order to fulfill this objective the foreign investment is placed in context within the global scenario and how it has been treated in Brazilian legal framework, identifying the arbitration operationalization under the ICSID. Also is discussed the arbitrability, the applicable law and the form of award enforcement by the said institution, both theoretically and through case laws. Model cases decided by the ICSID were selected. Brazilian legislation regarding arbitration involving the public administration is presented. and following features was compared with the ICSID arbitration characteristics: arbitrability, applicable law; consent; arbitral proceeding, award enforcement. The resulting analysis of this study reveal that there are no relevant differences in terms of proceeding, consent and award enforcement between both arbitrations models. The features that presented larger application differences on both systems are the applicable law and arbitrability. Moreover, ICSID system and the international treaties or agreements offer higher protection to the foreign investor, the arbitration with the Brazilian public administration, can be more protective to the state, especially because of the use os local laws.

O novo contexto do Direito Internacional tem buscado acomodar interesses econômicos às exigências de proteção ambiental, em linha com o desenvolvimento sustentável. Nesse particular, o investimento estrangeiro é elemento-chave e contribui para a aproximação entre Direito Internacional do Investimento Estrangeiro e Direito Internacional Ambiental, tanto em relação à elaboração de normas substantivas quanto aos processos de adjudicação. Embora já existam diversos trabalhos voltados a demonstrar como os investimentos estrangeiros podem contribuir com a preservação ambiental, pouco se tem escrito sobre os aspectos mais práticos dessa interação. Durante muito tempo, o caráter vago e impreciso da redação dos tratados ambientais dificultava sua aplicação às operações dos investidores. Contudo, a crescente consciência de parcela significativa da população mundial sobre a proteção ao meio ambiente está dando vida a cláusulas com conteúdo ambiental até então dormentes. Nesse contexto, o objetivo do presente trabalho é analisar empiricamente qual o tratamento concedido às questões ambientais suscitadas nos casos decididos pelos tribunais do Centro Internacional para Resolução de Disputas de Investimento (International Centre for Settlement of Investment Disputes), o ICSID, no período entre 2000-2013. Para tanto, a pesquisa foi dividida em três partes. A primeira parte é dedicada ao contexto histórico que permitiu a aproximação entre Direito Internacional do Investimento Estrangeiro e do Direito Ambiental Internacional. Na segunda parte o ICSID é apresentado, de modo a compreender sua organização e funcionamento e, principalmente, de que forma as questões ambientais podem ser suscitadas no âmbito das disputas de investimento. E, por fim, os resultados obtidos a partir da pesquisa empírica das decisões proferidas pelos tribunais do ICSID são apresentados, sistematizando os argumentos apresentados pelas partes, bem como aqueles utilizados pelos tribunais ao decidir os litígios de investimento compreendendo a matéria ambiental. / The new context of International Law pursues the accommodation of economic interests to the needs of environmental protection, in line with the sustainable development. To that particular, the foreign investment is a key element and contributes to a closer relation between the Foreign Investment International Law and the Environmental International Law, inasmuch as in relation to the enactment of substantive laws, as towards to enforcement procedures. Although there are several studies aiming at demonstrating how foreign investments may contribute to the environmental protection, few has been written about the most practical aspects of such interaction. For a long time, the vague and imprecise character of the provisions in environmental treaties turn harder their enforcement towards the investment transactions. However, the growth in conscience on environment protection of a substantial portion of the world population has given life to clauses with environmental content that were dormant until recently. In this context, the objective of this study is to make an empiric analysis on the treatment granted to environmental matters raised in cases decided by the tribunals of the International Centre for Settlement of Investment Disputes, the ICSID, in the period between 2000 and 2013. For that, this research is divided in three parts. The first one is dedicated to the historical context that allowed the approximation between Foreign Investment International Law and Environmental International Law. In the second part the ICSID is presented, to allow a better comprehension of its organization and functioning and, mainly, the forms in which environmental matters can be raised within the scope of investment disputes. And, finally, the results obtained with the empiric research on the decisions enacted by the ICSID tribunals are presented, with a systematization of the arguments used by the involved parties, as well as the arguments adopted by the tribunals to decide the investment disputes comprising environmental matters.