Second Protocol To Amend The Asean Comprehensive Investment Agreement

134 2009 Joint declaration on achieving the Millennium Development Goals, online: in paragraph 2. In recent decades, states have entered into numerous regional investment contracts, although the feverish growth of bilateral investment agreements continues around the world. This growing regionalism in international investment law is a double-edged sword. On the one hand, the risks of fragmentation and inconsistency increase exponentially, as a regional layer is added to the already chaotic „spaghetti bowl” of investment contracts. The noble dream of a uniform and multilateralized set of investment protection standards therefore seems increasingly unattainable. On the other hand, a regional investment contract offers a group of states the opportunity to balance investment commitments and other non-investment priorities in a particular way. This article focuses on the ASEAN Global Investment Agreement signed in 2009 and argues that it is a good deal specific to the region, integrated within the broader normative and institutional framework of ASEAN. Potential conflicts between ASEAN member states` investment commitments and their commitments under two other regional projects will be examined and recommendations will be made on how arbitration tribunals can deal with such conflicts. 85 See UNCTAD, provisions on investments in the EIA, see 17 sub 69-72, in which there is talk of the presence of general exceptions in many regional economic integration agreements. 100 Articles 1 and 2 of the Charter of the Association of Southeast Asian Nations (ASEAN Charter), signed by heads of state and government on November 20, 2007, online: . 9 Ibid. at 88-89.

See also Sornarajah, supra note 5 at 183-185. Another concern for investment contract arbitration procedures is: that the „new generation” of ILO has been completed in recent years, this may result in arbitration decisions inconsistent with the case law on the application of older bits: see UNCTAD, Investor-State Dispute Settlement and Impact on Investment Rulemaking, UNCTAD/ITE/IIA/IIA/2007/3 (Geneva: UNCTAD, 2007) at 92-93Goolargle.