EU contributes €100,000 to increase transparency in investor-to-state disputes
Investment | Brussels, 6 January 2015
The EU will contribute €100,000 to finance a publicly accessible register of documents related to international investor-to-state dispute settlement (ISDS) cases and decisions of ISDS tribunals. The register supports the implementation of the ISDS transparency rules of the United Nations Commission on International Trade Law (UNCITRAL), in force since April 2014.
Transparency is at the core of the European investment policy. For that reason, the EU has been in the driving seat as regards development and adoption of the UNCITRAL international transparency standards, in addition to the reform of the EU's own approach to investment disputes. The EU incorporates the UNCITRAL transparency standards into all its trade and investment agreements under negotiation.
The UNCITRAL transparency rules apply to all investment treaties concluded after 1 April 2014 using the UNCITRAL arbitration rules. The progressive ratification of the 2015 Mauritius Convention would extend their applicability also to the disputes under the existing agreements.
Publicising the documents and opening the hearings of the ISDS tribunals to civil society organisations increases their legitimacy and accountability. The availability of information also brings consistency between awards and predictability necessary for investors, stakeholders, states and investment tribunals. The EU financial support to the public register contributes to these objectives.
For more information
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
