18 Transnat'l L. & Contemp. Probs. 499 (2009)
Laissez-faire International Investor-State Dispute Resolution Mechanism: The Inadequacy of Adopting U.S. Legal Standards for the KORUS FTA

handle is hein.journals/tlcp18 and id is 503 raw text is: 


     Laissez-faire International Investor-State Dispute
Resolution Mechanism: The Inadequacy of Adopting U.S.
             Legal Standards for the KORUS FTA

                        Soonghyun Daniel Lee*


   I.  INTRODU CTION .................................................................................. 500
   II. THE KOREA-UNITED STATES FREE TRADE AGREEMENT ..................... 501
       A. Overview of the KORUS FTA ...................................................... 501
       B. Economic Analysis of the Agreement ........................................... 502
          1. The Goals of the  Agreem ent .................................................... 502
          2. Shifting Trade and Investment Landscapes ........................... 503
          3. Non-Tariff Trade Barriers-Antidumping and
            Countervailing D uty  ................................................................ 505
       C. N on-Econom ic Issues ................................................................... 507
          1. Political  H urdles ...................................................................... 507
          2. Adopting the U.S. Legal Framework ....................................... 508
          3. Applying the U.S. Based Legal System ................................... 509
       D. Basic Legal Structures of the Final Text ..................................... 511
    III. INVESTOR-STATE DISPUTE RESOLUTION ............................................ 512
       A. Traditional Dispute Resolution Paradigm .................................. 512
       B. The KORUS FTA Dispute Resolution Mechanism ...................... 513
          1. Dispute Resolution Claim Procedures ..................................... 513
          2.Fair and Equitable? ................................................................. 514
            a. Civil vs. Com  m on  Law  ......................................................... 515
              i. Lessons from the NAFTA ................................................ 516
              ii. Binational Panel System    ................................................. 517
            b. National Policy Implementation Defects .............................. 518
            c. Unilateral Determ   ination  ..................................................... 518


 J.D. Candidate, The University of Iowa College of Law, 2009; B.S., M.S., Georgia Institute of
Technology. The author wishes to thank his wife Heejin and daughter Iireh for their love and
encouragement. Also, the author thanks Professor Christopher Rossi of The University of Iowa
College of Law for his teaching and insights on international trade law. Finally, the author is
grateful to the editors and student writers of Volumes 17 and 18 of the Transnational Law and
Contemporary Problems for their support and friendship.

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