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3 Int'l & Comp. L.Q. Supp. Pub. 18 (1962)
The Drafting of Treaties for the Protection of Investment

handle is hein.journals/icqlsup3 and id is 24 raw text is: THE DRAFTING OF TREATIES FOR THE PROTECTION OF INVESTMENT By ELI LAUTERPACHT I SHOULD like to say first that I consider it a great privilege to have been invited to speak at this meeting devoted to problems of promoting foreign investment. It is right that, even though the title of this paper refers to the protection of foreign invest- ment, the emphasis of this Conference should, nevertheless, be on promotion of this class of activity. Protection should be regarded as a means to that end, as much as an end in itself. This paper represents an attempt to consider some of the principal legal problems which arise in connection with the draft- ing of treaties for the protection of foreign investment. It does not, however, seek to indicate a solution to these problems in specific terms. It is primarily concerned to identify the problem so that, at the end of the analysis, one will have not so much a description of the contents of a treaty of protection as a measuring rod against which to assess in an understanding manner the text of any convention bearing on this problem. Needless to say, the character of these problems and their solu- tion depend largely upon the terms of reference of the draftmen. These, in their turn, depend upon the objectives which are being pursued. It may, therefore, be convenient to consider first the objectives of treaties of protection and then the problem of the terms of reference. 1. THE OBJECTIVES In this gathering, I need hardly elaborate on the importance of increasing the flow of private capital investment towards develop- ing States, nor need I seek to elaborate on the self-evident proposi- tion that legal security is an important element in the attraction of foreign capital. But it may be more helpful if I mention the legal factors which operate in favour of clarifying and strengthening the rules of international law relating to the treatment and protection of foreign property. These factors are in part substantive and in part procedural. * Fellow of Trinity College, Cambridge. is

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