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Investor-State Arbitration: Is there a Future?
Investor-State Arbitration has been one of the most remarkable features of international law and international justice in the last thirty years. The period has seen a vast increase on the number of arbitrations, to the point where a State is far more likely to be involved in such a case than in proceedings before the International Court of Justice. The number of bilateral investment treaties under which most such arbitrations are brought now exceeds 2,500. The ICSID Convention - largely moribund for its first twenty years - now plays a major role in the international legal system.
Yet recent years have seen a backlash against investor-State arbitration with some calling for its replacement by a standing court, while others have gone further and argued that disputes between an investor and the host State should be resolved by the courts of the State and that any form of international challenge is unacceptable. The evolution of the draft EU Singapore Free Trade Agreement and the recent Achmea Judgment of the Court of Justice of the European Union both bear witness to these controversies.
This lecture will look at the future for Investor-State dispute settlement in the light of these and other developments.