@article{2021:bungenberg:a_paradigm,
title = {A Paradigm Change: The CETA Investment Chapter},
year = {2021},
note = {The Investment Chapter of the Comprehensive Economic and Trade
Agreement (CETA) can be seen as an unofficial blueprint of future EU
Investment Agreements and Chapters. It was developed under immense
public pressure and had to fulfil multiple conditions resulting from
the EU constitutional framework. This contribution highlights the
political and juridical background of EU investment policy, and then
analyses the most significant new approaches in international
investment law - both with regard to substantive standards and
investor-State dispute settlement - as exemplified in the CETA. With
regard to the substance, it can be witnessed that states are more
proactive in defining investment protection standards, leaving less
discretion for adjudicators. With regard to dispute settlement, the EU
managed to introduce a completely new Investment Court System (ICS)
with preselected adjudicators and an appellate mechanism. In light of
all these developments, this article argues that we are currently
facing a complete change of paradigms in EU investment law, heading
towards the EU’s long-term goal of establishing a Multilateral
Investment Court (MIC).},
journal = {ZEuS Zeitschrift für Europarechtliche Studien},
pages = {437--484},
author = {Bungenberg, Marc and Reinisch, August},
volume = {24},
number = {3}
}