ANÁLISIS DE LA EVOLUCIÓN INTERPRETATIVA DEL TÉRMINO «INVERSIÓN» EN EL ARBITRAJE INTERNACIONAL DE PROTECCIÓN DE INVERSIONES EXTRANJERAS

Abstract

The interpretation of the term «investment» lies at the heart of international investment law and is a key jurisdictional issue in investor-State arbitration. The ICSID Convention is silent on the definition of this term, and according to the «subjective» approach, the qualification for international arbitral protection would exclusively depend on the definition provided by the parties in the applicable investment treaty. Notwithstanding, academic opinions and arbitral awards have developed an «objective» interpretation in accordance with the object and purpose of the ICSID Convention. The approach acts as a filter for accessing ICSID jurisdiction after applying «criteria» to determine whether a legal dispute between a foreign investor and a host State arises out a «protected investment», preventing unrestricted use of the system. The author traces the trajectory of the interpretative approaches as applied by investor-State tribunals and seeks to shed light on the prospects of this fundamental term in investment arbitration.