Promises and Commitments: The Role of Fair and Equitable Provisions and Local Foreign Direct Investment Law and Regulations in Generating Legitimate Expectations
Аннотация
Abstract Most tribunals link legitimate expectations to violations of fair and equitable treatment provisions in bilateral investment treaties (BITs). The legitimate expectations of investors in the host country vary from country to country. This chapter analyses the most recent fair and equitable treatments (FETs) in Uzbekistan’s investment treaties and assesses the role of local investment law and regulations in building legitimate expectations. To do so, I review investment arbitration cases to build an analytical framework, whereby case law provides methodological guidance to design questions for interviews and focus-group discussions. According to the sources of legitimate expectations, this study divides direct and indirect expectations into two groups, and provides suggestions for improving current FET provisions by including more precise wording in Uzbek BITs. This chapter also contains recommendations for generating direct legitimate expectations such that foreign investors may rely on the country’s direct assurance and representations which target specific groups of investors intending to invest in the country.