Review of Crystallex International Corporation v. Bolivarian Republic of Venezuela Arbitration Case

Abstract

The fair and equitable treatment provision and indirect expropriation provision are crucial elements within international investment agreements between foreign investors and the host countries. However, due to their vague meanings and criteria, the tribunals often interpret these issues broadly, leading foreign investors to regard them as tools to confront the administrative powers of the host country. In order to better balance the interests of both parties, this article analyzes the classic case of Crystallex v. Venezuela to clear the jurisdiction of the tribunals and the distinction between contract claims and treaty claims. Meanwhile summarizing the elements of fair and equitable treatment and indirect expropriation. Finally, this article proposes some recommendations to promote the sustainable development of international investment, therefore, the host countries can abide by regulations and administer in accordance with the law, as well as enhance stability, transparency, and predictability, so that can encourage investors to invest boldly and foster internationalization and facilitation of investments.