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ITN Special Issue – Treaty Data and the Evolving International Investment Regime
Investment Treaties, Strategy, and Practice in Chile’s Experience
Committees in International Investment Agreements: Sketching a research agenda for a growing trend
On the Importance of Public Access to Information in the Context of Treaty and ISDS Reform
Josef Ostransky and Dafina Atanasova introduce this special ITN issue by highlighting how major 2025 updates to UNCTAD’s treaty databases are transforming investment policy. Moving beyond a narrow focus on investor protection, this issue explores a regime in transition—one increasingly defined by institutional cooperation, and multiplicity of treaty functions. Featuring insights from Joshua Paine on the rise of treaty committees, Mariana Pinto Schmidt on Chile’s experience of evolving treaty portfolio, and Lise Johnson on the necessity of transparency, the editorial underscores that meaningful reform relies on empirical evidence.
In this insight article, Mariana Pinto Schmidt examines Chile’s transition from “first-generation” treaties to modern agreements aligned with sustainable development. Schmidt highlights how Chile maintains constitutional priorities—such as excluding lithium from liberalization—while strategically managing dispute settlement to avoid overlapping regimes. Ultimately, Chile’s experience demonstrates that investment treaties are most effective when integrated into a broader regulatory ecosystem that is informed by evidence.
In this analysis, Joshua Paine analyzes the significant rise of treaty-based committees, which now appear in 60% of IIAs concluded since 2020. This shift marks a move away from the traditional delegation of authority solely to arbitral tribunals, favoring ongoing institutional cooperation between states. Paine identifies a diverse range of committee functions—from monitoring treaty implementation and adopting binding interpretations to managing disputes and facilitating technical assistance. However, he warns that a lack of public documentation makes it difficult to assess if these bodies actually meet or influence outcomes.
In this insight article, Lise Johnson argues that public access to treaties and awards is the essential foundation for ISDS reform. Using data from repositories like UNCTAD, stakeholders can quantify arbitration costs, scrutinize arbitrator impartiality, and track treaty evolution. Johnson asserts that transparency is a diagnostic necessity; without it, states cannot evaluate if “modern” treaty language actually improves outcomes or if practices like third-party funding require regulation. To maintain legitimacy, these public-interest documents must remain freely accessible, ensuring reform is driven by empirical evidence rather than anecdote.
Chevron Corporation and Texaco Petroleum Corporation v. Ecuador (II), PCA Case No. 2009-23
Spentech Engineering Limited v. United Arab Emirates
Smurfit Holdings B.V. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/18/49, Final Award dated 28 August 2024.
In January 2026, the OECD released updated Guidelines for Multinational Enterprises on Responsible Business Conduct, introducing new expectations on climate-risk disclosure, human rights impact assessments, and expanded environmental supply-chain due diligence.
A new tribunal has been constituted for the resubmission of the long-running Rockhopper v. Italy ECT dispute over Italy’s ban on offshore hydrocarbon extraction, with former ICSID Secretary-General Meg Kinnear appointed as chair.
The recently signed the Canada–UAE BIT includes notable innovations: an expedited arbitration procedure for small claims, mandatory third-party funding disclosure requirements, and a code of conduct for arbitrators.
In early 2026, AfCFTA member states began systematic Regulatory Audits to align their domestic investment frameworks with the AfCFTA Protocol on Investment (adopted in 2023).
On March 9, 2026, Ecuador’s Constitutional Court ruled that the UAE-Ecuador BIT—concluded by executive decree—cannot be fast-tracked and requires National Assembly approval because it contains ISDS clauses.
On March 5, 2026, the CETA Joint Committee adopted a binding Joint Interpretation clarifying that non-discriminatory measures taken to protect the environment or combat climate change do not constitute a breach of Article 8.10 (Fair and Equitable Treatment) or Annex 8-A (Indirect Expropriation) of CETA.
In March 2026, Prime Ministers Mark Carney and Narendra Modi formally relaunched negotiations in New Delhi for a modernised investment chapter to replace the terminated Canada-India Comprehensive Economic Partnership Agreement.
In early 2026, UNCITRAL Working Group III held its 53rd and 54th sessions.
CK Hutchison’s subsidiary, Panama Ports Company (PPC), has initiated an ICC arbitration seeking USD 2 billion after Panama’s Supreme Court declared its port concessions at the Balboa and Cristóbal terminals unconstitutional.
On March 6, 2026, President Nasry Asfura signed the ICSID Convention on behalf of Honduras, reversing the country’s 2024 withdrawal by the previous administration.
On January 30, 2026, the European Commission launched infringement proceedings against 16 EU Member States that remain parties to the ECT.
Igor Makarov, a billionaire holding Moldovan and Cypriot nationality, has filed a USD 350 million ICSID claim against Canada under the Canada–Moldova BIT.
Despite an ongoing pending contract-based arbitration, Shell and ExxonMobil have initiated ICSID arbitration (Cases ARB/26/2 and ARB/24/44) against the Netherlands under the ECT.
On March 16, 2026, Iceland formally notified its withdrawal from the Energy Charter Treaty (ECT), citing the need to align its international obligations with its 2030 climate-neutrality goals.
Red Eagle Exploration Limited v. Republic of Colombia, Award, ICSID Case No. ARB/18/12 Red Eagle v. Colombia is the third arbitration related to Colombia’s efforts to protect the páramos ecosystems, […]
Adria Group B.V. and Adria Group Holding B.V. v. The Republic of Croatia, Decision on Intra-EU Jurisdictional Objection, ICSID Case No. ARB/20/6
JSC DTEK Krymenergo v Russia, PCA Case No. 2018-41, Award, November 1, 2023
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 […]
Complex Designers and Emergent Design: Reforming the Investment Treaty System Anthea Roberts and Taylor St John, American Journal of International Law, 116(1), 96–149. Sept 2021 Available here. Overview of Contract […]
