О СПОРАЗУМИМА ДРЖАВЕ И СТРАНОГ ИНВЕСТИТОРА
AGREEMENTS BETWEEN THE STATE AND A FOREIGN INVESTOR

Summary/Abstract: In the contemporary practice of foreign investments, it is common that states or legal entities controlled by the state enter agreements with foreign investors (the so-called "investor-state agreements"). At first, the prevalent form of these agreements were concession agreements, which were characterised by the predominance of the foreign investor's interest over the interest of the host state. In the second half of the past century, concession agreements were replaced by the so-called "diagonal agreements", based on a more balanced relationship between the foreign investor's interests and the interests of the host state. A higher level of probability of the host state's intervention in the agreements with foreign investors, outside the scope and against the agreed terms in. comparison to the possibility of such intervention in classical concession agreements, resulted in a tendency of the "internationalization" of "investor-state" agreements. According to the theory of „intemationalization", the legal aspects of those agreements should be regulated by the rules and principles of international origin. This approach further results in "translatating" the foreign investment from the field of the host state's legal influence to the field of applicability of the international legal rules. The procedural aspect of investor-state agreements is internationalized by stipulating the jurisdiction of international tribunals and arbitrations in the settlement of possible disputes between the parties in those agreements. The substantive aspect of investor^ state agreements is internationalized by the application of international legal rules and principles in securing rights and obligations coming from the agreement. There are two approaches in the application of the internationalization" theory: the restrictive and the extensive approach. The extensive approach leads to the application of international legal rules to the investor-state agreements, even when there is a clause that the host state legal rules apply in regulating the rights and duties of the parties. The acceptance of the restrictive approach, on the other liand, results, in the application of the international legal rules to -the agreement at issue only if the set of rules chosen by tie parties do - s not regulate the problem of the investment relation, or, if the norms contained in the chosen law are in disagrement with the general legal principles.

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