국제투자협정상 완전한 보호와 안전 의무의 해석기준－상당한 주의의무 기준의 비판적 고찰－ = Interpretation of Full Protection and Security Obligation in International Investment Agreements－A Critical Appraisal on the Due Diligence Standard－

다국어 초록 (Multilingual Abstract)

A recent outbreak of international armed conflict between the Russia Federation and Ukraine has aroused a renewed interest in protection of foreign investment in times of crisis.
The host state has obligation to protect foreigners in times of crisis under customary international law. In addition, the host state has a set of obligations under international investment agreements, such as war clause, full protection and security, and fair and equitable treatment. However, the content and scope of these provisions are so broad and general that the meaning of each provision has been ascertained by the International Courts of Justice(ICJ) and arbitral tribunals.
This article aims to criticize the previous jurisprudence on full protection and security obligation in international investment agreements, with focus on due diligence standard applied by the ICJ and arbitral tribunals. The due diligence standard has failed to clarify the scope of investment protection required by full protection and security obligation in times of crisis. Firstly, the due diligence standard has not worked as an independent standard applied to the full protection and security obligation in international investment agreements. Rather, deriving from customary international law standard on protection of foreign nationals, it has been applied to examine whether the host state has taken best possible efforts to prevent physical injury on investment. Secondly, this standard has been understood to determine whether the host state has tried all reasonable measures necessary to solve the problem. This has made it difficult to distinguish full protection and security obligation with fair and equitable treatment, and the arbitral tribunal has discretion in determining whether all reasonable measures are taken by the host state in a certain case. Thirdly, the due diligence standard has different meaning and scope in different spheres of international law. In consequence, the standard has not worked as an autonomous interpretation tool to consider the circumstances of the host state, importance of investment protection, indispensable conditions of the host state in times of crisis. That is why it failed to provide consistent jurisprudence on full protection and security obligation in a number of arbitral decisions.
Based on these shortcomings of the due diligence standard, this article submits that full protection and security obligation shall be construed in light of treaty interpretation rules in the Vienna Convention on the Law of Treaties. According to treaty interpretation rules, interpreting a treaty provision is a delicate work to examine the true intention of contracting parties. In other words, ordinary meaning of a treaty term shall be interpreted in good faith in light of the object and purpose of the treaty and in its context. If contracting parties of international investment agreements were intended to afford investments protection not just from physical injury, but also from legal or commercial harm, this intention shall be respected in the course of interpretation. On the contrary, the due diligence standard has not provided predictable scope of full protection and security obligation in times of crisis, and moreover it has suggested an additional burden on the part of a claimant to prove breach of obligation of the host state after the crisis. It is necessary to reappraise interpretation standard on full protection and security obligation in times of crisis, in order to secure the original purpose of international investment agreements.

국문 초록 (Abstract)

최근 러시아와 우크라이나 간 무력충돌로 분쟁 지역에서 영업활동을 하는 외국인 투자자보호 문제가 새롭게 부각되었다. 투자유치국은 외국인을 보호할 국제관습법상 의무를 부담하며, 국제투자협정에서는 국내 위기 시 투자자와 투자재산 보호에 관한 규정으로서 무력충돌 시 투자보호, 완전한 보호와 안전 의무, 공정하고 공평한 대우 조항을 규정하고 있다. 국내 위기 시 투자 보호에 관한 이러한 규정들은 그 내용의 일반성과 포괄성으로 인하여 국제사법재판소와 중재판정부의 조약 해석을 통해 그 의미가 확인되어왔다. 이 글에서는 완전한 보호와 안전 의무의 해석과 관련하여 적용된 상당한 주의의무 기준이 위기 상황에서 투자보호 의무의 범위를 명확히 하는 데 한계가 있었음을 살펴본다. 첫째, 상당한 주의의무기준은 국제투자협정상 완전한 보호와 안전 의무에 대한 독자적인 해석기준이 아니라, 국제관습법상 외국인 보호에서 유래한 기준으로서 투자유치국이 물리적 침해를 방지하기 위한최선의 노력을 다하였는지를 해석해왔기 때문이다. 둘째, 상당한 주의의무 기준은 투자유치국이 위기 상황에서 필요한 합리적인 조치를 다하였는지를 검토하는 것으로 이해되었다. 이러한 해석기준은 완전한 보호와 안전 의무의 범위를 확정하는 것을 어렵게 하였고, 구체적상황별로 합리적인 조치가 무엇인지를 중재판정부의 판단권한에 일임하는 문제가 있다. 셋째, 국제법상 상당한 주의의무 기준 자체가 국제법 분야별로, 구체적 상황별로 상이하게 적용되어왔다는 점이다. 국내소요나 무력충돌 상황의 특수성, 국제투자협정상 투자자 보호의중요성, 위기 시 투자유치국의 불가피한 사정 등을 고려한 국제투자협정에 특유한 해석기준으로 작용하지 못하였다. 이러한 일련의 문제들로 인해 상당한 주의의무 기준은 국내 위기상황에서 완전한 보호와 안전 의무의 범위를 명확히 하는 해석기준으로 기능하지 못하였다.
이 글에서는 상당한 주의의무 기준의 문제점을 고찰한 후, 완전한 보호와 안전 의무의 해석방법을 제안하고자 한다. 국내 위기 시에도 투자유치국의 투자보호는 지속되어야 한다는것이 국제투자협정의 취지라면 그러한 취지는 존중되어야 하며, 투자재산의 보호를 위해서는 물리적 안전뿐 아니라 일정한 법적 보호가 필요하다면 그러한 상황을 고려한 투자협정해석이 이루어져야 한다. 그러나 중재판정부가 도입한 상당한 주의의무 기준은 위기 상황에서 투자보호에 대한 예측 가능한 지표를 제시하지 못할 뿐 아니라, 위기상황이 종료된 후투자자가 투자유치국의 의무위반 사실을 입증하는 데 있어서도 추가적인 문제를 제기한다.
위기 상황에서 국제투자협정의 본질적 목적이 훼손되지 않도록 완전한 보호와 안전 의무의해석기준을 새롭게 정립할 필요가 있다.

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