On March 20, 2018, the Council of the European Union adopted negotiating directives authorizing the European Commission to negotiate a convention establishing a multilateral court for the settlement of investment disputes. On the basis of this mandate, the Commission intends to start negotiations in the framework of the United Nations Commission on International Trade Law (UNCITRAL).
The multilateral investment court (MIC) envisioned by the European Union would be a permanent international institution to adjudicate disputes under both existing and future investment treaties. It would include an appeals mechanism and provisions on procedural transparency as well as the impartiality and independence of adjudicators. The MIC would eventually replace the bilateral Investment Court Systems (ICS) included in EU agreements.