AbstrakPendefinisian investasi memicu krisis dalam rezim hukum investasi internasional, mendorong negara dunia ketiga seperti Indonesia, India, Brazil, dan Afrika Selatan untuk mereformasi definisi investasi dalam IIA/BIT mereka. Analisis data sekunder, termasuk Model BIT dan putusan pengadilan, menunjukkan pergeseran dari definisi investasi berbasis aset yang longgar ke model yang lebih terbatas. Indonesia mereformasi lewat Indonesia-Singapore BIT 2018, dan Brazil dengan ACFI 2015, yang memodifikasi definisi investasi berbasis aset dengan pembatasan tertentu. India lebih reformis dengan India Model BIT 2016, mengadopsi definisi investasi berbasis perusahaan. Afrika Selatan menghentikan proyek IIA dan hanya mengandalkan Protection of Investment Act 22 of 2015 dalam hukum nasional, memadukan kedua model definisi investasi. Indonesia menghadapi masalah hukum dalam harmonisasi antara IIA dan hukum nasional, karena UUPM mewajibkan definisi investasi berbasis perusahaan. AbstractThe definition of investment triggered a crisis in the international investment law regime, prompting third-world countries such as Indonesia, India, Brazil, and South Africa to reform the definition of investment in their IIAs/BITs. Analysis of secondary data, including Model BITs and court decisions, shows a shift from a loose asset-based definition of investment to a more restrictive model. Indonesia reformed with the Indonesia-Singapore BIT 2018, and Brazil with the ACFI 2015, which modified the asset-based definition of investment with certain restrictions. India was more reformist with the India Model BIT 2016, adopting a company-based definition of investment. South Africa discontinued the IIA project and relies solely on the Protection of Investment Act 22 of 2015 in national law, blending both models of investment definition. Indonesia faces legal issues in harmonisation between IIAs and national law, as the UUPM requires a company-based definition of investment.
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