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28 Yale J. Int'l L. 365 (2003)
The New Face of Investment Arbitration: NAFTA Chapter 11

handle is hein.journals/yjil28 and id is 375 raw text is: The New Face of Investment Arbitration: NAFTA Chapter 11 Guillermo Aguilar Alvarezt and William W. Parkt 1. INTRODUCTION ............................................................................................................................ 366 II. THE CONTOURS OF INVESTMENT A RBITRATION .......................................................................... 366 A . H istorical Context ........................................................................................................... 366 B. D ouble Standards ............................................................................................................ 368 Ill. N AFTA CHAPTER 11 ................................................................................................................... 372 A . Safeguarding Cross-Border Investm ent .......................................................................... 372 B. The Role of the Arbitral Situs .......................................................................................... 374 I. Current Alternatives ............................................................................................ 374 2. M etalclad ............................................................................................................ 375 C. Investor Protection in Practice ....................................................................................... 377 1. M inim um Standard of Treatment ........................................................................ 377 2. Expropriation ...................................................................................................... 378 IV . A RBITRATION AND THE N EW HOST STATES ................................................................................. 379 A . Three Illustrations ........................................................................................................... 379 1. M ethanex ............................................................................................................. 381 2. Loewen ................................................................................................................ 382 3. M ondev ................................................................................................................ 382 B. Reactions and Complaints .............................................................................................. 383 C. Understandable Concerns .............................................................................................. 387 D . Limiting the Scope of Investm ent Arbitration ................................................................. 389 1. Comprom ises to Reconcile Competing Goals ..................................................... 389 2. Expropriation Through Fiscal M easures ............................................................ 389 a. D istinguishing Abusive Taxation ............................................................ 389 b. Impact of NAFTA Concerns on Tax Treaty Arbitration ......................... 391 3. Financial Services ............................................................................................... 392 V . OLD PROBLEMS, N EW PERSPECTIVES .......................................................................................... 393 A . International Commercial Decision-making .................................................................. 393 B. Playing by the Same Rules .............................................................................................. 395 C. The Free Trade Comm ission Notes of Interpretation ..................................................... 397 VI. CONCLUSION ................................................................................................................................ 398 A PPENDIX: SCORE CARD OF N A FTA PROCEEDINGS ................................................................................ 401 Partner, SAI Abogados; Principal Legal Counsel for Mexico during the negotiation and implementation of NAFTA. tt Professor of Law, Boston University; Vice-President, London Court of International Arbitration.

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