A Study On The Definition Of Investment In Brics' BITs

BRICS,as an important emerging market,takes an important role in international investment,using the way of signing bilateral investment treaties(BITs)to promote and protect foreign investments.All these treaties include the definition of investment,which on the one hand makes sure the content and scope protected by the treaties and,on the other hand,is the key for International Arbitration Tribunal to determine whether the case belongs to their jurisdiction or not.However,ever country in BRICS has its own way to define investment.It is not good for attracting international investment if the definition is too narrow,while the increase risk to be accused if it is too broad.In order to promote the development of BRICS' international investment and make more scientific definition in the future BITs,it is important to study on the definition of investment in BRICS' BITs.This paper adopts methods of the historical analysis,comparative analysis,normative analysis and empirical analysis to study the definition of investment in BRICS' International Arbitration Tribunal cases,and in the BITs BRICS have already signed,discuss the necessity and feasibility to coordinate the definition of investment among BRICS and finally make a suggestion.This paper consists of four parts.The first part is about the theoretical models for the definition of investment in BRICS' BITs.It studies the classification of such definition,which includes models for connotation and extension and analyzes the advantages and disadvantages of each model to provide a theoretical basis for the later analysis.Pointing out the scope of definition from the BITs context is just relative,that there is no absolute gap between broad model and narrow model.As a result,it should combine specific description and the limiting factor to analyze every definition.The second part is about the connotation models for the definition of investment in BRICS' BITs.It studies the connotation models BRICS have already used in their BITs;points out the great change India has made in its 2015 Model BIT may influence other countries to make BITs and propose to choice the model combines comprehensiveness and preciseness to define investment.The third part is about the extension model for definition of investment in BRICS' BITs.It studies the extension models BRICS have already used in their BITs;emphasizes the waysto limit the scope of investment;points out the too narrow model BRICS used will bring negative effects,and propose to restrict the investment types.The fourth part is about international arbitration practice of interpretation of the definition of investment in BRICS' BITs.It studies the cases BRICS involved in relate to the definition of investments;points out the interpretation of International Arbitration Tribunal about the definition tend to be broader with uncertainty;propose BRICS to pay attention to the BIT text and try to make comprehensive and precise words to define investment in order to avoid the losses from the discretion of International Arbitration Tribunal.The fifth part is about the coordinate of the definition of investment in BRICS' BITs.It studies on the development tendency of the treaties in the world;analyzes the necessity and feasibility of coordination,and provides the draft of definition of investment.The conclusion of the paper is that under the trend of the definition of investment is going to broader in the world,the coordination of such definition in BRICS' BITs should be appropriately limited on the basis of expansion.