Investment Law in Brazil

Below one finds the abstract of the thesis I have written as to obtain the Master's Degree in International Law by the University of the State of Rio de Janeiro.


This paper examines the legal framework of the promotion and protection of foreign investments, with a comparative perspective between treaty-based international investment law standards and those emerging from Brazilian domestic law, in which there exist no such treaties.

The first chapter describes the most characteristic modalities of the legal arrangement of these investments. One will focus specially on the practices of host States, either by means of the execution of investment agreements specifically with the investor, or by means of the exercise of their regulatory power in areas and in such a manner as to affect the investor’s legal rights. Following the presentation of the basic nomenclature used in this work, one outlines the guiding motivation of the research, namely: to structure the possible and the optimal schemes of the interaction between international and domestic law on foreign investment; based on this proposition: is it possible to apply international law, however partially and secondarily, where, despite the non-existence of a formal investment agreement between the host State and the investor, or an investment treaty between the two respective countries, one must adjudicate disputes arising between the State and the investor in regards to the investment?

The second chapter presents an argumentative hypothesis to serve as basis for the development of the theoretical issues involved in this work, that is, the enactment by the State of Rio de Janeiro of Law No. 6,107/11 and of Law No. 6,108, which basically aimed at creating a particular legal framework for a foreign investment by establishing a set of rights and duties to Peugeot Citroën Automóveis Ltda.

The third chapter aims at outlining both a possible scope and a possible usefulness for international law, taking into account potential disputes which Law No. 6,107/11 and Law No.6,108/11 may give rise to, against the backdrop of the Agreement for the Promotion and Reciprocal Protection of Investments which Brazil, although without having ratified it, celebrated with France in the mid-90’s.

In the light of the issues posed, chapters IV and V are devoted, respectively, to display the theoretical contributions Private International Law and the Economic Analysis of Law may give to International Investment Law.

The sixth chapter brings forth a selection of international case-law, with an analytical synthesis of the similar and dissimilar aspects of those cases in regards to Law No. 6,107/11 and Law No. 6,108/11. Lastly, chapter VII brings together the author’s conclusions.

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