The EUI International Economic Law and Policy Working Group hosts its next event with Professor Ko-Yung Tung, Lecturer of Law at Harvard Law School, former Secretary General of the International Centre for the Settlement of Investment Disputes (ICSID) and former General Counsel of the World Bank. Given his rich background in both the public and private sector of international law, Professor Tung will present on the past, present and future of international investment arbitration.
Abstract
It is not an understatement to say that international investment arbitration, otherwise known as investor-state dispute settlement ( ISDS ), is at an existential crisis. A regime started out with good intentions to (a) avoid gun-boat diplomacy, (b) promote foreign investment into developing countries whose domestic judiciary did not give sufficient confidence to foreign investors and (c) provide a quick settlement of disputes between foreign investors and host states. The regime has expanded beyond the expectations of its original architects, which included Prof. Tung’s predecessor at the World Bank, Aaron Broches, with close to 3,000 international investment agreements (bilateral and multilateral) extant today and over 1,000 known international investment cases conducted to date.
However, the regime has come under attack by two hydra-headed monsters , in Profressor Jose Alvarez’s view. The criticisms are numerous and so are critics, from politicians, economists, environmentalists, human rights activists, legal scholars and even practitioners, from both the economic North and South. Under these circumstances, there are numerous efforts to improve the regime. ICSID just published its most extensive reforms to its arbitration regulations; UNCTAD’s Working Group III has been holding many meetings with member states and other stakeholders on addressing some of the procedural issues; the EU has proposed a permanent standing investment arbitration court with an appellate court; and states are amending their international investment agreements ( IIAs ) to limit their coverage and heighten the protective thresholds, as was done in the recent US-Mexico-Canada Agreement replacing NAFTA.
Professor Tung will briefly describe the past history and the current present issues, and will speculate as to what the future of ISDS may bring.
This event is open to all. Please register via the link above by Tuesday, 26th April 2022. The Zoom link will be shared with registered participants by email.