Le Tan Phat, Ph.D Candidate

University of Montreal, Lecturer, International Law Faculty, Ho Chi Minh City University of Law

Nguyen Hoang Thai Hy, LL.M

  Lecturer, International Law Faculty, Ho Chi Minh City University of Law

Abstract:

The trade agreements of a “new generation” are known to attempt to integrate human concerns about the environment and climate change in order to find a balance with economic development. However, these efforts can only be achieved by applying specific provisions for dispute settlement, such as the standards for investor treatment and protection, the exceptions for the host state’s right to regulate. As the language of these provisions are ambiguous and can create many ways of interpretation, international jurisdictions tend to invoke the "Objects and Purposes" of the treaty to provide a relevant interpretation of the “ordinary meaning” of a given rule. The goal "Sustainable development" is expected to be an important factor of interpretation in order to create a balance between economic development and environmental protection and social development. Nevertheless, the concept itself is controversial. This article proposes another goal, along with the "tool” of the principle of good faith, which can help to  balance conflicting interests and to ensure the consistent interpretation of international investment treaty.

Keywords: sustainable development, good faith, interpretation of international investment treaties.