Resources and Events – ITN April 2018
Resources and Events
Resources published between May and July 2017; events between September and November 2017
Resources published between February and May 2017; events between June and August 2017
SIAC Investment Arbitration Rules come into effect; new SCC rules include appendix on investment treaty disputes On January 1, 2017, the Investment Arbitration Rules of the Singapore Investment Arbitration Centre (SIAC) came into effect. Among the highlights are provisions on early dismissal of claims and defences, submissions by non-disputing parties and mandatory disclosure of third-party […]
ICSID tribunal dismisses claims brought against Indonesia based on forged mining licences Churchill Mining PLC and Planet Mining Pty Ltd v. Republic of Indonesia, ICSID Case No. ARB/12/14 and ICSID Case No. ARB/12/40 Inaê Siqueira de Oliveira [*] After rendering separate decisions on jurisdiction¾one for the case brought by British company Churchill Mining PLC under the United […]
Resources Treaty Shopping in International Investment Law By Jorun Baumgartner, Published by Oxford University Press, February 2017 The book examines the practice of treaty shopping—the strategic change of nationality or the strategic invocation of another nationality with the aim of accessing another investment treaty for purposes of investment arbitration—to investigate the challenges this practice poses […]
The book examines the practice of treaty shopping—the strategic change of nationality or the strategic invocation of another nationality with the aim of accessing another investment treaty for purposes of investment arbitration—to investigate the challenges this practice poses in investment arbitration.
Trump election affects mega-regional negotiations including TTIP, TPP and RCEP
Brazil and India initial Bilateral Investment Treaty (BIT); text yet to be published
CETA signed; Canada and European Union to “work expeditiously” on creating a Multilateral Investment Court
Venezuela to Pay Us$1 Billion For Expropriating Canadian Mining Company’s Investment
ICSID Tribunal dismisses MFN Clause in WTO GATS as a means of importing Senegal’s consent to arbitration from third party BIT
PCA tribunal deemed acts of Polish Agricultural Property Agency not attributable to Poland
Claimant not considered Investor due to interpretation of “Seat” under Cyprus–Montenegro BIT
Ecuador’s Levy on extraordinary oil profits at a 99% rate has breached Murphy’s legitimate expectations, decides PCA tribunal
Ecuador ordered by PCA tribunal to pay $24 million to Canadian Mining Company
US$50 billion awards against Russia in Yukos Cases are set aside by Dutch Court
TTIP draft to be prepared by July; ISDS being built based on both EU and US proposals
China – US BIT: ISDS to be included; ongoing negotiations on negative lists
Three mining disputes: The first investment disputes against Colombia come to light
Canada-European Union CETA re-concluded in February to incorporate the EU ICS proposal
Second ICSID claim filed against Uruguay; Philip Morris decision still pending
Singapore International Arbitration centre releases investment arbitration rules
In a judgment dated April 20, 2016, the District Court of The Hague, in the Netherlands, set aside awards that had ordered Russia to pay US$50 billion to the shareholders of Yukos, a bankrupt oil company.
Officials from the European Union and the United States gathered in Brussels for the 12th round of negotiations over the Transatlantic Trade and Investment Partnership (TTIP) from February 22 to 26.
Since 2008, China and the United States have undergone 24 negotiation rounds for a bilateral investment treaty (BIT).
On February 19, 2016, Cosigo Resources (Canada) and Tobie Mining and Energy (United States) submitted an arbitration request against Colombia under the Free Trade Agreements (FTAs) concluded by Colombia with the United States and Canada.
Responding to EU requests, Canadian and EU officials reopened negotiations of the Comprehensive Economic and Trade Agreement (CETA) concluded in 2014 to reformulate the agreement’s investor–state dispute settlement (ISDS) clause.
On March 24, the International Centre for Settlement of Investment Disputes (ICSID) registered (Case No. ARB/16/9) a request for arbitration filed by U.S. telecom company Italba against Uruguay.
On February 1, 2016, the Singapore International Arbitration Centre (SIAC) released draft rules tailored to investment arbitration (Draft SIAC Rules), to be finalized in May following public consultation.
ICSID Tribunal Awards Damages for Venezuela’s Indirect Expropriation of Steel Industry Investment
The first ICSID case against Guinea is dismissed for lack of Jurisdiction
Slovenia is condemned to pay 20 million euros in damagesand US$10 million in costs to Croatian National Electric Company
The only known investment treaty arbitration against Equatorial Guinea fails on jurisdictional grounds
ICSID tribunal orders Zimbabwe to return expropriated farms
In a decision dated December 21, 2015, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) ruled that it lacked jurisdiction to hear a case brought by Société civile immobilière de Gaëta (Gaëta) against Guinea under the Guinean Investment Code.
Slovenia is condemned to pay €20 million in damages and US$10 million in costs to Croatian national electric company
An award rendered on December 17, 2015 by an arbitral tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) added a new—and apparently final—chapter to a nearly 20-year-old conflict between the governments of Croatia and Slovenia over the supply of electricity generated by the Krško Nuclear Power Plant (Krško NPP), located in Slovenia.
The only known investment treaty arbitration against Equatorial Guinea fails on jurisdictional grounds
A majority tribunal at the Additional Facility (AF) of the International Centre for Settlement of Investment Disputes (ICSID) dismissed the case of Spanish construction company Grupo Francisco Hernando Contreras, S.L. (Contreras Group) against Equatorial Guinea, in an award dated December 4, 2015.
In a 318-page award issued July 28, 2015 but only published February 2016, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) ordered Zimbabwe to return farms it seized without compensation in 2005.
UNCTAD Global Investment Trends Monitor No. 23
Switzerland’s Investment Treaties: Time for a change
Investment Court System Put To The Test: New EU proposal will perpetuate investors’ attacks on health and environment
IIA Issues Note: Taking stock of IIA reform
Alternative Visions of the International Law on Foreign Investment: Essays in honour of Muthucumaraswamy Sornarajah
Rethinking Bilateral Investment Treaties: Critical issues and policy choices
The WTO and International Investment Law: Converging systems
The Trans-Pacific Partnership, Part I: A deal too far
Sustainability Impacts of Chinese Outward Direct Investment: A review of the literature
Shifting Paradigms in International Investment Law: More balanced, less isolated, increasingly diversified
Trans-Pacific Partnership agreement signed in Auckland; UN independent expert calls on states to safeguard regulatory space
On February 4, 2016, trade ministers from twelve Pacific Rim nations met in Auckland, New Zealand, to sign the Trans-Pacific Partnership (TPP) agreement. On the eve of the meeting, UN Independent Expert on the promotion of a democratic and equitable international order, Alfred de Zayas, called on governments to issue an interpretative declaration on TPP, reaffirming their […]
ICSID tribunal dismisses final claim for compensation in relation to Hungary’s 2008 termination of power purchase agreement Electrabel S.A. v. Republic of Hungary, ICSID Case No. ARB/07/1 Matthew Levine [*] A Belgian energy company—Electrabel S.A. (Electrabel)—has failed in its final claim under the Energy Charter Treaty (ECT). An International Centre for Settlement of Investment Disputes (ICSID) […]
Three reports by CAITISA, Ecuador’s citizen audit commission on bilateral investment treaties (BITs), were leaked by online newspaper Diagonal on January 24, 2016. CAITISA, formed by experts in foreign investment and international law, was created in 2013 by President Rafael Correa to examine the legitimacy and legality of Ecuador’s BITs and the impact of their application. The commission […]
On December 2, 2015, the European Union and Vietnam signed a free trade agreement (FTA), closing three years of negotiations. The text, made public on February 1, 2016, includes the more traditional trade issues, including SPS and TBT, and trade facilitation, but also extends to other issues such as government procurement, competition policy, intellectual property, […]
In a statement issued in early February 2016, the German Association of Judges (known by its German acronym, DRB) firmly rejected the proposal published by the European Commission on September 16, 2015 to establish an Investment Court System (ICS) under the Transatlantic Trade and Investment Partnership (TTIP) between the European Union and the United States. The DRB […]
EU officials are said to have requested the new Canadian federal government to revisit the ISDS clause in the Comprehensive Economic and Trade Agreement (CETA), according to reports by CBC News on January 21, 2016. CETA negotiations were announced as concluded in August 2014. The CETA provides for a more traditional-style ISDS mechanism, which is not in line with […]
On January 19, 2016, experts from the Union of South American Nations (UNASUR) met in Montevideo, Uruguay, to finalize agreements regarding the proposed regional centre for the settlement of investment disputes. UNASUR is a regional intergovernmental organization of the 12 South American nations: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, and Venezuela. The […]
Trans-Pacific Partnership agreement signed in Auckland; UN independent expert calls on states to safeguard regulatory space On February 4, 2016, trade ministers from twelve Pacific Rim nations met in Auckland, New Zealand, to sign the Trans-Pacific Partnership (TPP) agreement. On the eve of the meeting, UN Independent Expert on the promotion of a democratic and […]
TransCanada initiates NAFTA arbitration against the United States over rejection of Keystone XL pipeline
On January 6, 2016, TransCanada initiated arbitration against the United States for “unreasonably delaying approval” of the proposed Keystone XL pipeline and ultimately denying, in November 2015, the company’s application for the required Presidential Permit. Alleging the United States breached its non-discrimination, expropriation, and fair and equitable treatment commitments under the North American Free Trade […]
All 751 Members of the European Parliament (MEP) will have comprehensive access to all confidential documents relating to TTIP negotiations. The Parliament announced the agreement with the European Commission on December 2, 2015, after 11 months of negotiations. Under the operational arrangements, MEPs will be able to read the restricted “consolidated texts”—which reflect EU and U.S. compromises—in a […]
Resources The Mining Policy Framework: Assessing the implementation readiness of member states of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) – Synthesis Report By Alec Crawford, Published by IISD, October 2015 IISD, with support from the Canadian Department of Foreign Affairs, Trade and Development (DFATD), worked with three member states of […]
Resources The Law of Investment Treaties By Jeswald Salacuse, Published by Oxford University Press, July 2015 The book examines the law of international investment treaties, specifically in relation to its origins, structure, content, and effect, as well as their impact on international investors and investments, and the governments that are parties to them. Since publication […]
UN Independent Expert Alfred de Zayas recommends abolishing current ISDS regime In a report circulated on August 5, 2015, UN Independent Expert on the promotion of a democratic and equitable international order, Alfred-Maurice de Zayas, recommended that states abolish the existing investor–state dispute settlement (ISDS) system. The full text of the report is contained in […]
In a report circulated on August 5, 2015, UN Independent Expert on the promotion of a democratic and equitable international order, Alfred-Maurice de Zayas, recommended that states abolish the existing investor–state dispute settlement (ISDS) system. The full text of the report is contained in UN document A/70/285. The expert suggests replacing the ISDS regime with an […]
On September 16, 2015, the European Commission published its proposal on Investment Protection and Resolution of Investment Disputes and Investment Court System. While aimed primarily at the EU–U.S. negotiations for a Transatlantic Trade and Investment Partnership (TTIP), the proposal would replace the investor–state dispute settlement (ISDS) mechanism in all ongoing and future EU investment negotiations. The system would be […]
On October 5, 2015, trade ministers reached agreement on the Trans-Pacific Partnership (TPP). The trade and investment agreement includes 12 countries, representing 40 per cent of the global economy: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam. Published on November 5, the text is available at http://www.tpp.mfat.govt.nz/text. Tariff reduction […]
EU–U.S. negotiations: ISDS on hold and controversy on a leaked EU proposal for the sustainable development chapter; secrecy in TTIP negotiations still a concern
From October 19 to 23, 2015, EU and U.S. officials conducted the 11th round of TTIP negotiations in Miami, United States. The agreement, in negotiation since 2013, aims at liberalizing trade and investment between the two parties, which encompass 850 million people and over half of the world’s economy. Negotiators said “substantial progress” was made in […]
ICSID tribunal renders interim decision on Ecuador’s environmental counterclaim in long-running dispute
Perenco Ecuador Limited v. Republic of Ecuador, ICSID Case No. ARB/08/6 Perenco Ecuador Limited (Perenco)—a French-owned oil and gas company—and the Republic of Ecuador have been involved in arbitration since 2008 under the France–Ecuador bilateral investment treaty (BIT) and certain concession contracts. An International Centre for Settlement of Investment Disputes (ICSID) arbitration tribunal has issued an Interim Decision on the Environmental Counterclaim (Interim Decision). The Interim Decision includes an […]
Tribunal largely adopts independent expert’s damages findings in USD 405 million award to previous owners of an Argentine public utility company
Suez, Sociedad General de Aguas de Barcelona S.A., and InterAguas Servicios Integrales del Agua S.A. v. The Argentine Republic, ICSID Case No. ARB/03/17; and AWG Group Ltd. v. The Argentine Republic, UNCITRAL In a combined ICSID and UNCITRAL decision dated April 9, 2015, a unanimous tribunal awarded claimants Suez, Sociedad General de Aguas de Barcelona S.A. […]
Energorynok had no ownership or control over energy-related economic activity; ECT case against Moldova dismissed
State Enterprise “Energorynok” (Ukraine) v. The Republic of Moldova, SCC Arbitration V (2012/175) Martin Dietrich Brauch A January 29, 2015 award by a tribunal under the Arbitration Institute of the Stockholm Chamber of Commerce has recently become public. The tribunal dismissed the claims by Ukrainian state enterprise Energorynok against Moldova under the Energy Charter Treaty […]
ICSID tribunal renders interim decision on Ecuador’s environmental counterclaim in long-running dispute Perenco Ecuador Limited v. Republic of Ecuador, ICSID Case No. ARB/08/6 Matthew Levine [*] Perenco Ecuador Limited (Perenco)—a French-owned oil and gas company—and the Republic of Ecuador have been involved in arbitration since 2008 under the France–Ecuador bilateral investment treaty (BIT) and certain concession contracts. An International Centre for Settlement of Investment Disputes […]
The inaugural session of the Open-ended Intergovernmental Working Group for the Elaboration of an International Legally Binding Instrument on Transnational Corporations and Other Business Enterprises (TNCOBEs) with respect to Human Rights (the Working Group) marks the beginning of a process to negotiate a binding treaty on business and human rights. The session took place four […]
Resources The Origins of International Investment Law: Empire, environment and the safeguarding of capital By Kate Miles, Published by Cambridge University Press, July 2015 This book examines the historical evolution of international investment law (IIL), from its origins in the commercial and political expansionism of dominant states during the 17th to early 20th centuries to the continued […]
Looking to Venezuela’s Investment Law, majority finds that Venoklim was not a foreign investor and dismisses case against Venezuela; claimant-appointed arbitrator dissents
Venoklim Holding B.V. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/22 The majority of a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) dismissed an expropriation case against Venezuela on jurisdictional grounds, finding that the investor did not qualify as a foreign national under Venezuela’s Investment Law. The award was rendered on […]
Government bonds not covered, despite broad definition of “investment” in Slovakia–Greece BIT; tribunal dismisses claims against Greece
Poštová Banka, a.s. and Istrokapital SE v. The Hellenic Republic, ICSID Case No. ARB/13/8 On April 9, 2015, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) dismissed for lack of jurisdiction a case against Greece related to the downgrading of Greek Government Bonds (GGBs) as a result of the economic crisis […]
Unanimous ICSID tribunal dismisses expropriation claim due to Papua New Guinea’s lack of written consent to arbitrate
PNG Sustainable Development Program Ltd. v. Independent State of Papua New Guinea, ICSID Case No. ARB/13/33 In an award dated May 5, 2015, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) dismissed PNG Sustainable Development Program Ltd.’s (PNGSDP) claim against Papua New Guinea for an alleged unlawful expropriation. It found that […]