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The blogs are mostly authored by Abhishek. However, we will be publishing guest posts in near future (through invitation only).
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FORMAL DISCUSSIONS BEGIN ON WORLD INVESTMENT COURT
November 27th, 2017
As we write this post, the UNCITRAL Working Group III will be meeting in Vienna at its 37th Session to discuss the challenges that the current regime of ISDS faces and potential reforms that are required. However, the issue that has generated the entire buzz around this meeting is the suggestion in the agenda papers that a World Investment Court may be established.
The Working Group would proceed to: (i) first, identify and consider concerns regarding ISDS; (ii) second, consider whether reform was desirable in light of any identified concerns; and (iii) third, if the Working Group were to conclude that reform was desirable, develop any relevant solutions to be recommended to the Commission.
The agenda papers for the meeting provide for discussions on incorporating the doctrine of precedent in the ISDS mechanism, as well as establishment of a permanent appellate body. However, interestingly and importantly, it provides for discussion in relation to a World Investment Court.
A more substantive reform would be the creation of a permanent dispute settlement body, such as an international investment tribunal, whose members would be tasked with resolving ISDS cases that fall under its jurisdiction.
Interestingly, India has sent its response to the Working Group III (on reforms including the establishment of a World Investment Court), stating that “India welcomes the move to have discussions and deliberations on the proposal, and further comments could be provided in due course.”
The sound recordings of the proceedings will be available here in due course. A detailed post on the issue will follow soon.
Update: As the Indian representative did not speak on the issue of world investment court at all ( instead, a mere 2 minutes general criticism of Investment arbitration was preferred), there is no scope for a detailed post.
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