ADEQUACY OF THE INTERNATIONAL INVESTMENT REGIME IN UPHOLDING THE PRIMACY OF HUMAN RIGHTS

Abstract

This study set out to investigate the adequacy of the international investment regime in upholding human rights. The study adopted a qualitative approach, systematically reviewing data from past studies that have explored this issue to develop a reliable pattern that can inform accurate conclusions. In total, 9 articles were sourced from various electronic databases such as Online Legal Database, UK Parliament Halsbury's Laws, Westlaw, Lexis UK and JSTOR. The results of the analysis revealed that while there are provisions under the international investment regime that safeguard human rights, there are contradictions that both state and foreign investors can manipulate to perpetrate acts that violate human rights. The UN Guidelines on Human Rights and Business, the provisions of IMF on foreign investments, and the Investor-State Dispute Settlement all have provisions that contradict, thereby, providing an environment for states and investors to violate human rights. To address these contradictions, the study recommends that some of the controls granted to state authorities over foreign companies should be transferred to an independent global body such as the UN to ensure countries do not frustrate investors at the expense of their people. Additionally, laws governing how victims can file cases at the international level should be amended to make the process less complicated to enhance justice.