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17 Indonesian J. Int'l L. 253 (2019-2020)
Revising Bilateral Investment Treaties as a New Tendency in Foreign Investment Law: India and Indonesia in the Focus

handle is hein.journals/indjil17 and id is 247 raw text is: Indonesian Journal of International Law (2020), Vol. 17 No. 2, pp. 253-272 https://doi.org/10.17304/ijil.voll7.2.786 REVISING BILATERAL INVESTMENT TREATIES AS A NEW TENDENCY IN FOREIGN INVESTMENT LAW: INDIA AND INDONESIA IN THE FOCUS Caslav Pejovic* and Juliartha Nugrahaeny Pardede** * Kyushu University, Japan ** The Embassy of Indonesia in the United Kingdom Correspondence: pejovic@law.kyushu-u.ac.jp Abstract In the second half of 20th century the central theme offoreign investment debates was on ba- lancing conflicting interests between developed and developing countries. As one of the most visible signs of this tendency is the process of revising bilateral investment treaties (BITs). This paper has focus on two countries, India and Indonesia. These two countries have been selected not only because of their size and importance for foreign investors, but also because of impor- tant reforms regarding BITs undertaken by these two countries that have attracted worldwide attention, particularly in other developing countries. These two countries have taken different routes, but motivated by similar concerns and objectives, and represent some of the most striking examples of the new tendency towards revision of BITs. The key issue that will be explored in this text is: What can be expected from this process of revising BITs and do the new BITs model provide for a good balance between the interests ofhost states and foreign investors? This is the core issue offoreign investment law, from the perspective of developing countries, which raises several further questions: How to design foreign investment law so that foreign investment can be attracted without impairing the interests of the host states? Is that possible at all, and what would be the good balance that developing countries should aim at? And, the central issue ofthis paper is: Do new BITs models contribute to these objectives of developing countries? Keywords : BIT, foreign investment, Indonesia Submitted : 04 xxxx 2019 1 Revised : 28 xxxx 2019 1 Accepted : 31 xxxx 2019 I. INTRODUCTION In the second half of 20th century the central theme of foreign invest- ment debates was on balancing conflicting interests between developed and developing countries. After the differences in protection of foreign investment diminished with greater protection granted by the developing countries, the foreign investment debates have shifted into a different direction. One of the topics that attracted attention relates to conflicting interests of host states and foreign investors. This is a private-public debate, though still having elements of developed-developing nations divide, since private investors typically come from developed nations, while host countries are often developing nations. As one of the most visible signs of this tendency is the process of revising Copyright ( 2020 - Pejovic & Pardede Published by Lembaga Pengkajian Hukum Internasional

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