United Nations Commission on International Trade Law (UNCITRAL), Fiftieth Session, Vienna, July 3-21, 2017: Submission by IISD regarding the reform of investment-related dispute settlement
IISD's participation in the multilateral process in UNCITRAL is aimed at promoting the much-needed development of a comprehensive and inclusive investment-related dispute settlement mechanism.
In 2015–2016 the Secretariat of the United Nations Commission on International Trade Law (UNCITRAL) conducted a study on whether the United Nations Convention on Transparency in Treaty-based Investor–State Arbitration (Mauritius Convention) could provide a useful model for possible reforms in the field of investor–state arbitration.
The secretariat presented the result of a study prepared by the Geneva Centre for International Dispute Settlement (the CIDS Report). After discussions, UNCITRAL decided to retain the issue on its agenda for further consideration at its 2017 session and to decide whether to mandate a working group to undertake related work.
These developments are taking place as many countries and regions are reassessing the investor–state dispute settlement (ISDS) regime. There is an appetite in a number of states to explore domestic, regional and multilateral alternatives to the traditional investor–state arbitration model, including a more permanent and judicialized form of dispute settlement.
IISD supports in principle initiating a discussion on reforming the ISDS regime and building a new mechanism for resolving investment-related disputes. There is a need for an alternative to the traditional arbitration model in the form of a more structured and permanent dispute settlement process—one that is better adapted to investment disputes that involve public policy issues and a range of different stakeholders and interests. Our participation in the multilateral process in UNCITRAL is aimed at promoting the much-needed development of a comprehensive and inclusive investment-related dispute settlement mechanism.
You might also be interested in
Supply chain ESG laws face uphill battle
A last-minute compromise has saved a landmark EU reform to hold the bloc’s biggest companies accountable for environmental, social and governance (ESG) abuses in their supply chains. But the need to dilute the rules to win political buy-in, plus a US decision to scrap supply chain obligations from the country’s fresh climate-disclosure rules, reveals the difficulty of holding firms legally responsible for their business partners’ actions.
Investor–State Dispute Settlement and Fossil Fuels: What role for a carveout?
Next week, at the 9th annual OECD Investment Treaty Conference, delegates will discuss a possible carveout of climate change measures from investor-state dispute settlements (ISDS). We assess the implications of this for states' climate policies and broader efforts to reform international investment governance.
The Investment Facilitation for Development Agreement: A reader's guide
A subset of World Trade Organization members has finalized the legal text of an Agreement on Investment Facilitation. This Reader's Guide provides an overview of what's in the agreement.
Tough Road Ahead to Integrate Investment Facilitation Agreement Into World Trade Organization System
Rashmi Jose delves into the origins, content, and challenges of integrating the plurilateral Investment Facilitation for Development Agreement into the WTO framework.