Regulation and its discontents: A changing landscape for international investment law?

With Hugo Perezcano Díaz, Deputy Director of International Economic Law with the International Law Research Program (ILRP), Centre for International Governance Innovation

Chaired by Professor Philippe Sands QC (UCL Laws / Matrix Chambers)

About the talk

It appears that the perspective of international investment agreements is shifting from protecting investors’ rights, to protecting certain rights of States as well, including the right to regulate. However, regulation always comes at a cost and it is not always clear who should bear it. In the case of an expropriation it would appear quite straight forward that the State (and ultimately the tax payers) should bear the cost, whether it is for purposes of developing an industrial complex, a road or to protect sea turtles nesting grounds. In other cases it is much less clear, for instance, in the case of tobacco regulation.  Should it be the tobacco companies who produce and sell a harmful product but nevertheless one that is legal, the State, the smokers?  Should tribunals bear this in mind when assessing a measure or damages?

About the speaker

Hugo Perezcano Díaz is the deputy director of International Economic Law with the International Law Research Program (ILRP), and was previously a CIGI senior fellow with the ILRP. Prior to joining CIGI, he was an attorney and international trade consultant in private practice. Hugo worked for the Mexican government’s Ministry of Economy for nearly 20 years, serving as head of the trade remedy authority, and formerly as general counsel for international trade negotiations. Hugo was lead counsel for Mexico in investor-state dispute settlement cases under the North American Free Trade Agreement (NAFTA) and other international investment agreements. He also worked on dispute settlement cases between states, conducted under trade agreements that include NAFTA and the World Trade Organization agreement.
Hugo’s expertise is in international law, economic law, international trade law and negotiations, and international investment law. He has taught in those fields throughout his career and is a graduate of Mexico’s Autonomous Institute of Technology.

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