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Author	Ms Jemimah Raphael Goliat
Organisation/Institution	Universitas Pelita Harapan, Faculty of Law
Country	INDONESIA
Panel	International Investment Law
Title	Conditional Freedom: How Indonesia's BIT Reform Refines The Free Transfer Guarantee
Abstract	The cornerstone of Bilateral Investment Treaties (“BIT”) regulating the relationship between foreign investors and host States is the Free Transfer Principle (“FTP”). While this principle boosts investor confidence, its rigid application often collides with a State’s sovereign right to adopt emergency economic measures during crises. This becomes particularly concerning in developing economies, where rapid capital outflows can undermine financial stability. Employing a qualitative and comparative approach, this study examines Indonesia’s terminated and renewed BITs, specifically those with Switzerland, Singapore, Finland, and Denmark to evaluate the revisions introduced upon renewal. Through doctrinal and policy-oriented analysis, supported by relevant academic literature, this research inspects how Indonesia reframes the balance between investor protection and the State’s right to regulate capital flows. The comparison between Indonesia’s earlier and reformed BITs demonstrates a consistent doctrinal adjustment of the FTP. In the Indonesia-Singapore BIT, the 2005 treaty granted an unconditional right to transfer capital, but the 2018 version keeps this guarantee whilst adding explicit exceptions for balance-of-payment crises, financial safeguard provisions, and compliance with domestic law. Similarly, the Indonesia-Switzerland BIT evolved from its 1974 form which guarantees unrestricted transfer, to the 2022 treaty which allows temporary restrictions to ensure financial stability. The Indonesia-Finland and Indonesia-Denmark BITs also reflect similar adjustments. Collectively, these revisions transform the FTP from a near-absolute entitlement, into a principle of conditional freedom. Through examining Indonesia’s evolving BIT framework, this research contributes to the discourse on balancing investment protection with State sovereignty. It provides a model for how developing economies can preserve investor confidence while safeguarding economic stability during crises, offering valuable insights for other developing States seeking to design treaty frameworks that are both investment-friendly and safe for State practice, supporting the pursuit of sustainable and equitable economic growth for Asia’s rise.
Biography	Jemimah Raphael Goliat is a part-time legal researcher and the General Director of Universitas Pelita Harapan’s International Law Moot Court Community (ILMCC), where she oversees the institution’s core operations, including managing ILMCC’s training programs, coordinating and supporting moot teams, and supervising ILMCC’s publishing activities. As a member of UPH’s International Batch at the Faculty of Law, she has developed a strong academic foundation with a special focus on Public International Law and International Business Law. She has represented her university in international competitions, including the International Negotiation Competition (INC) 2025 and the Asia Cup International Law Moot Court Competition, gaining hands-on experience in legal argumentation, negotiation strategy, and international dispute settlement. Beyond competition, her research interests extend to international economic governance, investment treaty reform, the intersection of business law and the fashion industry, and the role of transparency and public participation in global trade, subjects she continues to explore through academic writing and doctrinal analysis. Jemimah is committed to advancing her expertise as a future legal practitioner by grounding her work in precise legal science, cross-border commercial awareness, and a growing understanding of how international legal regimes shape global business dynamics.