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8.1. Reforming Investor-State Dispute Settlement: Walk the Talk?

Date to be confirmed

Track: 8. Dispute Resolution. Litigation and Arbitration Practice. Execution of Courts’ and Arbitral Decisions
Discussion session

The reform of Investor-State Dispute Settlement System is now in full swing: from debating the mere necessity of the reform, the discussion has currently proceeded to identifying the main concerns that require changes to the system, as well as to elaborating the particular proposals for amendments. UNCITRAL has taken the lead in the process of reforming the ISDS and in 2017 formed the Working Group III with a mandate to provide multilateral recommendations on the potential ways to implement the reform of the ISDS.

The Working Group III, comprising delegations from 60 states, hundreds of practicing lawyers, researchers and NGOs, has identified the main concerns surrounding investment arbitration today, that prompt further changes. Among the identified concerns are the following:

  • Lack of consistency, coherence and predictability of decisions, including divergent interpretations of similar issues in investment disputes;
  • Lack of mechanisms to address incorrectness of decisions;
  • Appointment of arbitral tribunals in investment disputes and its possible impact on the independence and impartiality of arbitrators;
  • Increased durations of arbitral proceedings and related costs;
  • Multiple parallel proceedings in investment disputes;
  • Lack of early or expeditious dismissal mechanism;
  • Third party funding in investment disputes.

This session will examine the identified concerns regarding the current state of ISDS, as well as consider potential ways to address them efficiently.

The session will gather the leading Russian and international investment arbitration practitioners and arbitrators.

* The Programme may be subject to change