Variety of Formulations of Fair and Equitable Treatment in International Investment Agreements

Abstract

In the context of globalization of the world economy, attracting foreign investment is one of the key factors of growth and development for countries seeking to strengthen their economic positions. Uzbekistan, which is on the path to building a socially-oriented market economy, is also interested in creating a favorable investment climate and an influx of capital investment from abroad. The Government of Uzbekistan is pursuing a targeted policy to improve the conditions for doing business and create the most comfortable environment for foreign investors. Laws and programs are adopted aimed at liberalizing the economy, improving tax and customs administration, protecting property rights and ensuring the rule of law. However, further development of investment legislation remains an urgent task. Compliance with the standard of fair and equitable treatment means that the state is obliged to provide a foreign investor with a certain level of protection and a favorable regime for his investments. This includes procedural impeccability, stability and predictability of legal regulation, compliance with the legitimate expectations of the investor and other requirements. Failure to comply with these principles may serve as grounds for filing a claim against the host state.