The 9th intersessional meeting of UNCITRAL Working Group III on investor–state dispute settlement (ISDS) reform was held in Santiago, Chile, from 5 to 7 November 2025, bringing together government representatives, legal practitioners, and stakeholders to discuss key procedural and substantive reforms to ISDS regime, including IISD experts. The meeting focused on several issues such as calculation of damages, third-party funding, state regulatory powers, shareholder claim rules, and potential reforms to enforcement and appeal mechanisms. Participants emphasized the need to enhance transparency, consistency, and fairness in treaty-based investment arbitration, while safeguarding the regulatory space of host states, particularly developing countries. A joint submission on the calculation of compensation and damages in ISDS by the Governments of Viet Nam and Nigeria was unveiled during the meeting.