The sources of international investment law

include:- International custom as the main source in the

system of international law and international
investment law;- An international agreement as the
most sophisticated and widespread source and form of
regulation of international investment relations;International treaties and bilateral agreements to
promote and guarantee investments;- International
bilateral agreements on avoidance of double taxation;Multilateral international treaties and conventions.The
latter include: the Convention on the Settlement of
Investment Disputes between States and individuals of
other countries (he concluded. In Washington in 1965);
Convention Establishing the "Multilateral (international)
Agency guarantees (insurance) of investments" (p
concluded. In Seoul in 1985); Agreement Establishing
the World Trade Organization (WTO) in 1994 .; The
agreement on trade-related aspects of foreign
investment (TRYM) 1994 .; Agreement on the
Establishment of an International Monetary Fund (IMF)
in 1944 .; The agreement establishing the International
Bank for Reconstruction and Development (IBRD),
1944 .; The agreement establishing the European Bank
for Reconstruction and Development (EBRD) in 1990 is
also the source General Assembly resolution 3281 XXIX
on December 12, 1974 - Charter of Economic Rights
and Duties of States and other resolutions of the
General Assembly and other international agencies of
the UN system .
Article 38(1)(b) of the ICJ Statute presents the two
traditional elements of international customary law:
general practice and opinion juris. As for the first
(objective) component, in addition to physical acts,
international tribunals often consider various nonphysical acts as practice. Such acts include diverse
verbal acts36 (such as declarations) and domestic
legislation.37 Practice alone cannot lead to the
formation of customary law and the subjective element
(opinion juris) is needed to establish a new rule of
international law.38 The absence of a sense of
obligation led scholars and tribunals to reject
arguments that a series of similar investment treaties
gives rise to new customary rules.39 A sense of
obligation (i.e., whether a certain behavior is considered

as legally obligatory or not) may be manifested by

various means, including states declarations,
resolutions of international organizations,40
international treaties and decisions of international
tribunals.41

This source of international law, established by Article

38(1)(c) of the ICJ statute, was adopted by the drafters
in response to the need for completeness of law, and in
52
order to avoid non-liquet situations.
the prevailing view today is that 'general principles of
law' consist of three following elements:(1) Wideranging character - the words "general principles"
indicate that this source relates to broad legal
56
principles (rather than specific rules).
(2) Recognized in states' municipal legal systems (foro
domestico) though there is a need to resort to a
comparative research, it is not necessary to examine all
states' domestic systems.
(3) Transposability to International Law the principle is
appropriate for application in the international
community. This requirement indicates that even if all
municipal systems include a particular legal rule, this
rule is not automatically recognized as a 'general
58
principle of law'.
Article 38(1)(d) of the ICJ Statute provides that judicial
decisions (along scholarly writings) constitute
"subsidiary means for the determination of rules of
law". Though this provision indicates that judicial

decisions play only a secondary role, international

courts (and remarkably the ICJ) take part in the lawmaking process and significantly influence the
development of international law.
Decisions of international tribunals also play a
significant role in the reality of international investment
82
jurisprudence.
"Teachings of the most highly qualified publicists of the
various nations" constitute the last source of
international law mentioned in Article 38(1)(d) of the ICJ
Statute, and it is referred to as a subsidiary means for
the determination of international legal rules. The ICJ
102
rarely refers to the opinions of writers
in its decisions
Soft law norms interact with the above sources of
107
international law in various manners
and they have
recently attracted widespread attention of international
lawyers. These rules are not legally binding and legal
decision-makers have discretion whether to apply them
in a particular dispute or not. Though not mandatory,
108
these norms often influence investment arbitrators,
and this is prominent with regard to the International
Bar Association (IBA) Rules on the Taking of Evidence in
109
International Commercial Arbitration
and the IBA
Guidelines on Conflicts of Interests in International

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To assess the investment climate should describe the

five most important components: political environment,
legal environment, macroeconomic factors, the tax
environment, regulatory impact.
The political environment is characterized by indicators
such as the stability of the political system, the
presence / absence of conflicts between political
opponents, the frequency change of government, the
number of political scandals, the degree of trust in the
government and so on.
The legal environment characterized by stable laws,
constitutional laws, codes, laws protecting property
rights and the rights of investors, their consistency,
simplicity and clarity that provides for direct action and
mechanisms of implementation and efficiency of the
judiciary.
Economic factors are characterized by the dynamics of
the monetary sphere, the banking system and other
components of the infrastructure of the economy,

export-import operations, inflation, stability of the

national currency, as the domestic market and its long
term potential level of resource provision and
investment indicators of financial stability, the presence
of free labor resources, their level of professional
qualifications and cost more.
The tax environment is characterized by the
distribution of the tax burden, the level of tax burden,
the availability of tax incentives for investment.
Regulatory impact characterized by transparency and
consistency of government policy, the ability to achieve
our strategic goals and stick to current liabilities, the
level of impact on investors from the public authorities
of different levels as requirements for registration,
licensing, certification business activities etc. [2].
Exceptional role in creating a favorable investment
climate plays a State which should subdue single
purpose current tasks and potential factors restricting
or encouraging certain periods in the development of
certain activities, sectors and regions. An important
aspect of the formation of the investment climate is the
legislative harmonization of national regulations in the
field of international investment to protect property
rights of foreign investors.
The main short term objective is to prepare the
necessary legal and institutional framework to enhance
the capacity of the mechanisms for the investment
climate and the formation of foundations maintaining
and increasing the competitiveness of the domestic
economy. You must take a number of immediate
measures consistent depoliticization of the economy,
the formation of common strategic objectives and
consistency of economic reforms by the constant

coming to power of any political teams, ensuring

constancy and security of the protection of rights and
freedoms market investor.
One of the most important factors in improving the
investment climate in Ukraine is the establishment of
adequate market economy legal system. For this
purpose it is necessary to work in the direction of
complications international agreements on the
promotion and protection of investments and avoidance
of double taxation, exchange of information on
regulations in the field of investment, the formation of a
stable legal framework and conditions for
entrepreneurship.
Prospects for improving the investment climate in
Ukraine depends not only on the government's actions,
but the persistence of potential investors in influencing
government. Anyway, but has the ability to accumulate
capital and requires investment. Sooner or later the
balance of interests between the government and
capital is established and the process of improving the
investment climate will take irreversible.