Results for: bits

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  After rendering separate decisions on jurisdiction—one for the case brought by British company Churchill Mining PLC under the United Kingdom–Indonesia …

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PCA tribunal dismisses expropriation and FET claims concerning an eco-touristic venture 

Peter A. Allard v. The Government of Barbados, PCA Case No. 2012-06 On June 27, 2016, a tribunal under the auspices of the Permanent Court of Arbitration (PCA) dismissed all claims by Canadian businessman Peter A. Allard against Barbados under …

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Awards and Decisions

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 …

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India’s Joint Interpretive Statement for BITs: An Attempt to Slay the Ghosts of the Past

The Government of India has proposed a Joint Interpretative Statement to its bilateral investment treaty (BIT) partners. The statement clarifies key substantive and procedural provisions, bringing them more in line with India’s new foreign investment policy.

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Special and Differential Treatment in International Investment Agreements

Special and Differential Treatment (S&D), originally forged in the trade regime, has evolved in trade negotiations and gained momentum in investment agreements, to provide greater flexibility for developing countries based on their needs and capabilities.

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News in Brief

Trump election affects mega-regional negotiations including TTIP, TPP and RCEP In September, EU officials recognized that the negotiations on the EU–U.S. Transatlantic Trade and Investment Partnership (TTIP) were unlikely to be concluded before the end of U.S. President Barack Obama’s …

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Awards and Decisions

Venezuela to pay US$1 billion for expropriating Canadian mining company’s investment Rusoro Mining Ltd. v. the Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/12/5 Claudia María Arietti López [*] In an award dated August 22, 2016, a tribunal at the Additional …

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Claimant not considered investor due to interpretation of “seat” under Cyprus–Montenegro BIT

CEAC Holdings Limited v Montenegro, ICSID Case No. ARB(AF)/14/8 A tribunal at the International Centre for Settlement of Investment Disputes (ICSID) declared by majority that the claimant did not have a “seat” in Cyprus under the Cyprus–Montenegro bilateral investment treaty …

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Ecuador’s levy on extraordinary oil profits at a 99% rate has breached Murphy’s legitimate expectations, decides PCA tribunal

Murphy Exploration & Production Company – International v. Republic of Ecuador, PCA Case No. 2012-16 (formerly AA 434)  In the proceeding brought by U.S.-based company Murphy Exploration & Production Company – International against Ecuador, a tribunal under the auspices of …

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United Kingdom makes trade and investment negotiation moves for post-Brexit era

On July 8, 2016, Sajid Javid, former Business Secretary for the United Kingdom, launched preliminary talks with India on a future trade relationship between the two countries as soon as Britain formally leaves the European Union. “Following the referendum result,” Javid stated, …

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Awards and Decisions

Philip Morris v. Uruguay: all claims dismissed; Uruguay to receive US$7 million reimbursement Philip Morris Brands Sàrl, Philip Morris Products S.A. and Abal Hermanos S.A. v. Oriental Republic of Uruguay, ICSID Case No. ARB/10/7 Martin Dietrich Brauch [*] The long-expected final …

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Corporate restructuring and abuse of rights: PCA tribunal deems Philip Morris’s claims against Australia’s tobacco plain packaging rules inadmissible 

Philip Morris Asia Limited v. The Commonwealth of Australia, PCA Case No. 2012-12 Australia enacted the Tobacco Plain Packaging Act, a tobacco control legislation that removed brands from cigarette packs, on November 21, 2011. On the very same day, Philip …

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ICSID tribunal upholds Panama’s abuse of process objection; Transglobal to pay arbitration costs and most of Panama’s legal expenses

Transglobal Green Energy, LLC and Transglobal Green Panama, S.A. v. Republic of Panama (ICSID Case No. ARB/13/28) In the proceeding brought by Transglobal Green Energy, LLC (a U.S.-based company) and Transglobal Green Panama S.A. (a Panama-based company) against Panama under …

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Venezuela ordered to pay US$1.202 billion plus interest to Canadian mining company Crystallex for FET breach and expropriation

Crystallex International Corporation v. Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/11/2 In a 273-page award dated April 4, 2016, a tribunal at the Additional Facility (AF) of the International Centre for Settlement of Investment Disputes (ICSID) ordered Venezuela to …

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Turkey–Turkmenistan BIT: tribunal finds claims admissible but dismisses them on merits

İçkale İnşaat Limited Şirketi v. Turkmenistan, ICSID Case No. ARB/10/24  An arbitral tribunal at the International Centre for Settlement of Investment Disputes (ICSID) has issued its award on the claims by a Turkish company against Turkmenistan. It found the claims …

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Brexit and contentious topics complicate TTIP negotiations; public opposition continues

The 14th round of Transatlantic Trade and Investment Partnership (TTIP) negotiations was held in Brussels from July 11 to 15, 2016. Chief negotiators from the European Union, Ignacio Bercero, and United States, Dan Mullaney, admitted the need to overcome significant differences regarding services …

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EU negotiation agenda to continue despite Brexit; MERCOSUR and Indonesia at sight

Despite the uncertainties in TTIP negotiations, EU Trade Commissioner Cecilia Malmström said they would survive Brexit, and is pushing to conclude negotiations before U.S. President Barack Obama leaves office in early 2017. Malmström recalled that the European Commission would continue to negotiate …

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CETA to be concluded as a mixed agreement; Commission hopes for signing in October

On July 5, 2016, the European Commission proposed to the Council that the Canada–European Union CETA—agreed to in 2014 and re-concluded in February 2016—be signed as a “mixed agreement,” requiring signature and ratification by each of the EU member states. The Commission thus …

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RCEP partners conclude 13th negotiating round in Auckland; three further rounds in 2016

The 13th round of negotiations for a Regional Comprehensive Economic Partnership (RCEP) was held in Auckland, New Zealand, from June 12 to 18, 2016. The International Centre for Trade and Sustainable Development (ICTSD) reports that all countries have now submitted initial offers for …

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Can EU Member States Still Negotiate BITs with Third Countries?

Foreign direct investment became part of the sphere of exclusive competence of the European Union in 2009. Since then, the European Commission has been negotiating investment treaties with a number of countries—as well as authorized several individual EU member states to negotiate BITs.

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