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15 IJCP 1 (2008)

handle is hein.journals/injculpy15 and id is 1 raw text is: International Journal of Cultural Property (2008) 15:1 24. Printed in the USA. Copyright © 2008 International Cultural Property Society doi: 10.1017/S094073910808003X Cultural Heritage and International Investment Law: A Stormy Relationship Valentina Sara Vadi* What thou lovest shall remains ... What thou lovest well is thy true heritage. -Ezra Pound, Pisan Cantos XXXVI Abstract: This paper investigates the relationship between international investment law and the protection of cultural heritage. Two questions arise in this connection. First, are investment agreements compatible with states' obligations to protect cultural heritage? Second, if internal measures aimed at protecting cultural heritage can be challenged by foreign investors, is mixed arbitration a suitable forum to protect public interests Indeed, it seems that the regime established according to investment treaties does not strike an appropriate balance between the different interests concerned. After giving a brief look at the legal framework protecting foreign investments, the conflict areas between investment treaty provisions and national cultural policies are explored through an empirical analysis of the recent arbitral jurisprudence concerning cultural heritage. This paper holds that jurisprudential balancing may not provide an adequate protection to cultural heritage; thus, cultural exceptions should be included in investment agreements. INTRODUCTION Human rights instruments require respect, protection, and fulfillment of cultural rights because of their profound significance for human dignity.' Being funda- mental to every human being, cultural rights are particularly important to indig- enous peoples and minorities. As these populations are often marginalized and made vulnerable by economic and social adversities, their culture becomes a source of identity and inspiration. Importantly, cultural rights include not only respect for cultural freedoms but also the preservation of cultural heritage. *European University Institute, Florence, Italy. E-mail: valentina.vadi@eui.eu

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