Based on a draft resolution submitted by Nigeria on behalf of the African Group, the recent United Nations (UN) General Assembly resolution on the UN tax treaty aims to bolster […]
In September 2023, the European Commission has unveiled a non-paper presenting model clauses for BITs between EU member states and third countries. These model clauses, accompanied by annotations, aim to […]
In October 2023, UNCITRAL delegates to Working Group III gathered again in Vienna to continue their work on ISDS reform. Two topics were discussed—(i) draft provisions on the establishment of […]
From October 15 to 20, 2023, UNCTAD organized its eighth World Investment Forum in Abu Dhabi. The World Investment Forum highlighted global investment challenges and opportunities. Discussions focused on sustainable […]
The English High Court upheld Nigeria’s challenge against controversial awards in favour of Process & Industrial Developments Limited (P&ID) by finding significant irregularities in the arbitration process. The arbitration awards […]
As we reported earlier, in 2021, the German energy company RWE filed for a controversial ECT arbitration challenging the Netherlands’ coal phase-out. In the context of the arbitration, the Netherlands […]
EU appears as a respondent in one of the three arbitrations brought by oil-refining companies belonging to Klesch Group (here, here, and here). It has been reported that the trio […]
The Singapore company Zeph Investments Pte, owned by Australian billionaire Clive Palmer, has reportedly filed a notice of intention to commence arbitration against Australia based on the Singapore–Australia Free Trade […]
On July 6, 2023, more than 110 WTO members reached a significant milestone, as the finalization of the Investment Facilitation for Development Agreement’s (IFDA) text was announced. The IFDA is […]
On July 7, 2023, the European Commission proposed a coordinated withdrawal by the EU, its member states, and Euratom from the ECT, citing the treaty’s incompatibility with the EU’s climate […]
The United Kingdom—a major ECT contracting state outside of the EU—indicated on September 1 that it would consider withdrawing from the ECT if the treaty’s signatories fail to agree on […]
As part of the enforcement saga of investment treaty arbitration awards issued in the renewable energy disputes against Spain, a Luxembourgish investor (formerly known as “Antin”) secured a seizing order […]
The U.S. Court of Appeals for the Ninth Circuit overturned a decision to enforce an award in favour of Devas based on a long-running dispute between Devas and Antrix. The […]
The state prevailed in an unusual dispute brought against it by companies ultimately controlled by a former Czech senator, Ivo Valenta. The case concerned municipalities’ authority to regulate gambling on […]
The German Federal Court of Justice confirmed in three related cases that EU member states may apply to it to hold intra-EU investment arbitrations based on the ECT and filed […]
During its July session, the UNCITRAL (Commission) adopted in principle the Code of Conduct for Arbitrators and . This is the first official outcome of the UNCITRAL Working Group III […]
According to a press statement released by the Energy Charter’s Secretariat on March 17, 2023, Germany exercised its right under Article 17 of the Energy Charter Treaty (ECT) to deny […]
The European Parliament recommended to the Commission to propose a Directive on the regulation of third-party funding in the EU with the title “Responsible funding of litigation.” If adopted in […]
The Government of Norway has been pursuing the termination of its bilateral investment treaties (BITs) with members of the European Economic Area (EEA–EEA membership contains EU and European Free Trade […]
In March 2023, it was reported that the Government of India had sent out 68 notices of termination regarding its existing bilateral investment treaties (BITs). It is understood that the […]
As award creditors in the renewable energy ISDS cases lost by Spain face significant hurdles to enforce their awards within the EU, they often turn to U.S. courts for enforcement. […]
The continent’s Ministers of Justice finalized legal scrubbing of the three key protocols to the African Continental Free Trade Area (AfCFTA), among which was the Protocol on Investment (the other […]
After a vote in the Council of the EU for the proposed reform of the Energy Charter Treaty failed last November, the European Commission appears to have radically shifted its […]
The Office of the United Nations (UN) High Commissioner for Human Rights and the Intergovernmental Working Group on the right to development have published a call for comments on the […]
Since September 2020, a group of WTO members has been negotiating a new agreement on investment facilitation disciplines, following nearly 3 years of preparatory work. The negotiations for this Investment […]
In November 2022, the EU signed three memoranda of understanding (MoUs) with Ukraine, Kazakhstan, and Namibia on strategic cooperation on sustainable raw materials, batteries, and renewable hydrogen. These MoUs are […]
In February 2023, the EU and India set up a new Trade and Technology Council (TTC). The new TTC will deepen strategic engagement on trade and technology between both partners. […]
On January 5, 2023, the EU Corporate Sustainability Reporting Directive entered into force. This new directive codifies the rules about the social and environmental information that companies have to report. […]
The OECD Guidelines for Multinational Enterprises are one of the main reference instruments that set out recommendations to businesses for ensuring responsible business conduct in a wide area of business […]
African negotiators embarked on a yearlong process in December 2021 to develop the text of the Protocol on Investment, culminating in a final version that defines the protection, promotion, and facilitation […]
Amid a growing number of national decisions to withdraw from the Energy Charter Treaty, pressure on the European Commission to prepare a withdrawal of the bloc is increasing. So far, […]
The members of the WTO Joint Statement Initiative (“JSI”) on Investment Facilitation for Development have completed two more rounds of negotiations, with one taking place in November, and another from […]
On November 11, 2022, the Irish Supreme Court handed down an important judgment regarding the constitutionality of the investment chapter in the CETA. The court held that currently, the Irish […]
In an important and highly anticipated decision, The Hague District Court denied compensation to two German energy companies, RWE and Uniper, owners of three Dutch coal-fired energy plants, for the […]
EU and Angola conclude Sustainable Investment Facilitation Agreement—the first EU agreement of this kind
In November 2022, the EU and Angola concluded a Sustainable Investment Facilitation Agreement (SIFA)—the first EU agreement of this kind. The SIFA aims to make it easier to attract and […]
After more than 5 years of negotiations involving representatives from governments, business, civil society as well as legal counsel and arbitrators, the ICSID has released its new 2022 Rules and Regulations. The new 2022 Rules and Regulations came into effect on July 1, 2022.
Plurilateral negotiations on investment facilitation for development agreement at WTO enter final sprint
Signatories of the joint statement initiative on investment facilitation for development (IFD), which is currently supported by more than 110 WTO members (two-thirds of the WTO membership), aim to conclude text-based talks by the end of this year.
The European Commission and the German federal government put together a draft statement clarifying the content of the FET and indirect expropriation standards in CETA.
Ahead of a critical vote this November, the fate of the ECT modernization hangs in the balance amid continued questions over whether the reforms go far enough to render the agreement compatible with global climate action goals under the UN’s Paris Agreement.
Since December 2021, when state parties to the AfCFTA began discussion rounds on the zero-draft text to raise preliminary concerns on it, they have since had rounds of negotiations between March and June 2022.
From September 5 to 16, 2022, UNCITRAL Working Group III (WGIII) on ISDS Reform held its 43rd session. This was the first in-person session since the global outbreak of COVID-19. It was also one of the longest WGIII sessions, covering a broad range of topics.
In December, the OECD released model Global Anti-Base Erosion Rules (GloBE) rules for countries to implement a global minimum tax and for companies to adhere to. It subsequently published detailed technical guidance on these model rules in the form of a commentary and examples.
Intergovernmental Working Group continues work to develop a draft Convention on the Right to Development
The UN Convention on the Right to Development is a multilateral framework currently being negotiated by the UN General Assembly Human Rights Council and drafted by a tasked drafting committee. It stems from the 1986 UN Declaration on the Right to Development, which establishes development as a right and puts people at the centre of the development process.
On May 10, 2022, the OECD held its seventh Annual Investment Treaty Conference on the nexus of investment treaties and climate change policy. The event took place following unprecedented warnings by the Intergovernmental Panel on Climate Change about the problematic role played by investment treaties as an obstacle to climate action.
Draft code of conduct for legal decision-makers still under discussion In accordance with its work plan, UNCITRAL WGIII is continuing to make progress on ISDS reform. At its 42nd session, […]
Key Questions Remain as Governments Announce “Agreement in Principle” for Modernized Energy Charter Treaty
After a lengthy negotiation process, Contracting Parties at the June 24 meeting of the Energy Charter Conference reached an agreement in principle to modernize the Energy Charter Treaty (ECT)—an outdated investment treaty that protects fossil fuel investors at the expense of critical climate action.
Following discussions at the Freedom of Investment Roundtable in 2021, the OECD has launched a new Work Programme on the Future of Investment Treaties.