Regulatory Power of the State in International Settlement of Investment Disputes Lawin the light of Sustainable Development Goals

According to continuing of the inequality of the people and nations, the economic dimension of sustainable development still plays an important role in it. Therefore the absorbing of foreign investment appears as one of the economic strategies of the states. Although the states traditionally were been the parties of international disputes, but international Community, following the example commercial arbitrary, has established ‘investor-state dispute settlement’ (ISDS) in order to enjoyment of states from benefits of foreign investment and protection of investors. Practically, this international institution clashed with the Regulatory Power of states. Some investors could affect on some sovereign authority about right to health, environment and suchlike. While regulatory power of states is necessary to achieve sustainable development goals and it seems as a tool for expanding the public policies. In this study, reducing and limitations of state’s regulatory power were examined in international investment arbitration practice. Also the affects of sustainable development goals on the situation of the regulatory power of State examined as a fundamental approach for ISDS reform. This research could be a ground for opportunistic rethinking in the UNCITRAL negotiation on ISDS reform from a public policy perspective.