The ‘Africanization’ of International Investment Law: The Pan-African Investment Code and the Reform of the International Investment Regime

Abstract

The Pan-African Investment Code (PAIC) is the first continent-wide African model investment treaty elaborated under the auspices of the African Union. The PAIC has been drafted from the perspective of developing and least-developed countries with a view to promote sustainable development. The PAIC contains a number of Africa-specific and innovative features, which presumably makes it today a unique legal instrument. Written in a time where the international investment community is still debating the future of international investment law, this article seeks to present and contextualize this first African model investment treaty. The article highlights the most innovative features of the PAIC, such as the reformulation of traditional investment treaty provisions and the introduction of direct obligations for investors.

The human rights-based approach to sustainable development: Lessons from recent African investment treaty practice

“…Several characteristics of the Africanization of IIL have been identified including tying investment protection to SD objectives, establishing provisions on investor obligations, and preserving a wide range of regulatory options for host states, including the ability to take emergency measures without incurring investor liability [ 4 ]. Mbengue and Schacherer acknowledge that the “Africanization of IILs” has resulted in the reformulation of traditional investment treaty provisions and the introduction of direct investor obligations [ 3 ]. The Africanization of IIL represents the “prise en main" 7 of African nations and organizations in developing international investment regulations reflecting their policy and development priorities [ 18 ].…”

“…Several scholars have referred to the recent development in African investment treaty practice as the “Africanization of international investment law” [ [2] , [3] , [4] , [5] ]. The “Africanization of IIL” is described as a concept or process emphasizing the innovative initiative at the African level to progress from rule-takers to rule-makers in IIL [ 6 ].…”

Amérique latine, l’ALBA-TCP et l’arbitrage transnational en matière d’investissement: la fondation d’une mosaïque de résistance

“…Désireux de maintenir le paradigme de la croissance, les États chercheront probablement à prioriser une réforme souple en essayant d'équilibrer les intérêts des investisseurs et l'intérêt public interne ou international dans leurs accords internationaux d'investissement. En ce sens, plusieurs États africains semblent être sur une bonne dynamique et d'autres pays suivront probablement les pas africains (Mbengue & Schacherer, 2017). En revanche, si l'Amérique latine est perçue comme une mosaïque de résistance vis-à-vis de l'arbitrage en matière d'investissement, en réalité les États ne sont pas tous unanimes sur le fait d'abandonner ce mécanisme.…”

Balancing Investor Protection With a State’s Regulatory Autonomy in the Amended Sadc Fip

“…In recent treaty practice, societal concerns have prudently been introduced into IIAs. 117 However, according to UNCTAD, there is still the need to harmonise new IIAs with the broader common concerns of society. 118 Therefore, the provisions that promote sustainable development, investor responsibility, protection of the environment, health, human rights and conservation of natural resources should be imposed on both host governments and investors alike.…”