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Colombia’s 2017 Model IIA: Something Old, Something New, Something Borrowed

In 2017, Colombia adopted a new model International Investment Agreement (‘IIA’) which will form the basis for upcoming negotiations of new international investment agreements and the renegotiation of existing agreements (the ‘2017 model IIA’ or the ‘model’). While this is a new model and it may take some time before an agreement is negotiated on its basis, certain innovations envisaged in this model, as well as the underlying goal to effectively balance investment protection while maintaining a State’s regulatory powers, will likely be of interest to academia, practitioners, and even other countries. Indeed, the model comes at a time when several countries are debating the appropriate structure for investment protection. Colombia offers an interesting take that is worthy of consideration. Towards that end, this note is divided into the following sections: first, we provide an overview of the context in which the 2017 model IIA was prepared in Section II. Then, we examine how the model addresses jurisdictional issues in Section III, and this is followed by a discussion on the standards of protection in Section IV. The dispute resolution mechanism is discussed in Section V, while in Section VI, we highlight some innovations of the 2017 model IIA.