SOVEREIGNTY, NATIONAL INTEREST AND SECURITY IN BILATERAL INVESTMENT TREATIES OF MALAYSIA
The bilateral investment treaties (BITs) have continued to play a significant role in regulating foreign direct investments (FDI) in many countries. Member countries of the World Trade Organization (WTO), including Malaysia, have signed BITs to facilitate trade among nations. Malaysia’s FDI laws and BITs were established to protect foreign investors, however, neither legislation had provided specific provisions on the protection of sovereignty, national interest and security. This study was conducted to address the question; to what extent are sovereignty, national interest and security protected through BITs upon the introduction of FDI into Malaysia? This study employed a non-doctrinal socio-legal research methodology, whereby the authors analyzed 15 BITs between Malaysia and other countries to explore the provisions that pertains to the protection of sovereignty, national interest and security in Malaysia. The findings conclude that the existing Malaysian BITs contain provisions to promote and protect foreign investments, however, lacked the necessary provisions on the protection of sovereignty, national interest and security. Therefore, the government should reconsider these important factors when signing future BITs.
Amsden, A. (1992). A theory of government intervention in late industrialization. State and market in development: Synergy or rivalry, 53-84.
Aspinall, E. (2007). The construction of grievance. Journal of Conflict Resolution, 51(6), 950-972.
Aw, Y. T., & Tang, T. C. (2010). The determinants of inward foreign direct investment: The case of Malaysia. International Journal of Business and Society, 11(1), 59-76.
Beh, L. (2017). Public ethics and corruption in Malaysia. In Public administration in Southeast Asia (pp. 171-191). Routledge.
Blaney, D. (1992). Equal sovereignty and an African statehood: Tragic elements in the African agenda in world affairs. Praeger.
Boele, R., Fabig, H., & Wheeler, D. (2001). Shell, Nigeria and the Ogoni. A study in unsustainable development: I. The story of Shell, Nigeria and the Ogoni people–environment, economy, relationships: conflict and prospects for resolution 1. Sustainable development, 9(2), 74-86.
Busse, M., Königer, J., & Nunnenkamp, P. (2010). FDI promotion through bilateral investment treaties: more than a bit? Review of World Economics, 146(1), 147-177.
Chantasasawat, B., Fung, K. C., Iizaka, H., & Siu, A. (2010). FDI flows to Latin America, East and Southeast Asia, and China: substitutes or complements? Review of Development Economics, 14(3), 533-546.
Chayes, A. (1985). Nicaragua, the United States, and the World Court. Colum. L. Rev., 85, 1445.
Chu, Y. (1989). State structure and economic adjustment of East Asian newly industrialised countries. International Organisation, 43, 647-72.
Dunning, J. (1977). Trade, location of economic activity and MNE: A search for an eclectic approach. The International Allocation of Economic Activity, 395-418.
Egger, P., Pfaffermayr, M. (2004). The impact of bilateral investment treaties on foreign direct investment. J. COMP. ECON. 32, 788-804.
Foster, G. K. (2013). Investors, States, and Stakeholders: Power Asymmetries in International Investment and the Stabilizing Potential of Investment Treaties. Lewis & Clark L. Rev., 17, 361.
Goldberg, P. A. (1975). The politics of the Allende overthrow in Chile. Political Science Quarterly, 90(1), 93-116.
Graham, E., Krugman, P. (1991). Fdi in the United States. Wiley.
Gomez, E. T., Gomez, T., & Jomo, K. S. (1999). Malaysia's political economy: Politics, patronage and profits. CUP Archive.
Hanieh, A. (2016). Capitalism and class in the Gulf Arab states. Springer.
Hettne, B. (1995). Development theory and the three worlds: towards an international political economy of development.
Hossain, M. B., Yeon, A. L., Aziz, A. (2019). Environmental protection and the bilateral investment treaties of Malaysia and Netherlands: A comparison. Journal of European Energy and Environmental Law Review, 5(28).
Hossain, M., Rahi, S. (2018). International economic law and policy: A comprehensive and critical analysis of the historical development. Beijing Law Review, 9, 524.
Hossain, M. B. (2018). Fleshing out the provisions for protecting foreign investment. Yustisia Jurnal Hukum, 7(3), 406-4427.
Howard, D. (2017). Creating consistency through a world investment court. Fordham International Law Journal, 41(1).
Kishoiyian, B. (1993). The utility of bilateral investment treaties in the formulation of customary international law. NW. J. INT'L L. & BUS. 14, 327.
Lai, H., O'Hara, S., & Wysoczanska, K. (2015). Rationale of internationalization of China's national oil companies: seeking natural resources, strategic assets or sectoral specialization? Asia Pacific Business Review, 21(1), 77-95.
Mina, W. (2012). The institutional reforms debate and FDI flows to the MENA region: The “Best” ensemble. World Development, 40, 1798-1809.
Petrusic, M. (2005). Oil and National Security: CNOOC's Failed Bid to Purchase Unocal. NCL Rev., 84, 1373.
Plummer, M., Cheong, D. (2009). FDI effects of ASEAN integration. Région et Développement, 49-67.
Qureshi, A. (2002). Perspectives in international economic law. Kluwer law international.
Qu, T., Green, M. B. (2018). Chinese foreign direct investment: A subnational perspective on location. Routledge.
Reuber, G. L. (1973). Private foreign investment in development.
Rueschemeyer, D., & Evans, P. B. (1983). The State & Economic Transformation: Towards an Analysis of the Conditions Underlying Effective Intervention. Center for the Comparative Study of Development, Brown University.
Sabatier, P. (1975). Social movements and regulatory agencies: Toward a more adequate—and less pessimistic—theory of “clientele capture”. Policy Sciences, 6(3), 301-342.
SEID, S. (2002). Global regulation of foreign direct investment. CRC press book.
Sornarajah, M. (2017). The international law on foreign investment. Cambridge University Press.
Stubbs, R. (2017). Rethinking Asia's economic miracle: The political economy of war, prosperity and crisis. Macmillan International Higher Education.
Subedi, S. (2008). International investment law: Reconciling policy and practice. Oxford.
Ullah, M. S., Inaba, K. (2014). Liberalization and fdi performance: Evidence from ASEAN and SAFTA member countries. Journal of Economic Structures 3(6).
Vivoda, V., & Graetz, G. (2017). Mergers and Acquisitions: The Politics of Megadeals in the Mining Industry. In Mining in the Asia-Pacific (pp. 121-138). Springer, Cham.
Vogiatzoglou, K. (2007). Vertical specialization and new determinants of fdi: Evidence from South and East Asia. Global Econ. Rev, 36, 245-66.