International Centre for Settlment of Investment Disputes (ICSID)
International Centre for Settlement of Investment Disputes (ICSID), British Institute of International and Comparative Law, 2020.
Posted: 13 May 2020
Date Written: 2020
Abstract
The International Centre for Settlement of Investment Disputes is an intergovernmental organisation at the core of the system of investor-state dispute settlement (ISDS). ICSID is busier than ever with the number of cases pending at its historical maximum. However, the legitimacy of the system of investor-state dispute settlement recently moved into the focus of a number of states and international organisations. ICSID initiated reform of its rules to address concerns of its users. The United Nations Commission on International Trade Law (UNCITRAL) established a special working group to study and reform the system of investor-State disputes.
Against this background, states increasingly reform their international investment agreements, and in particular provisions dealing with investor-state dispute settlement. While the vast majority of states still support the idea of the investment arbitration as the most appropriate method of dispute resolution, some decided to avoid it altogether in their treaties or favour the idea of a permanent investment court. All these developments make it increasingly important to understand the law and practice of ICSID, an institution which dominates the system of investor-state dispute settlement.
This monograph helps better understand the origin and nature of ICSID, standards of investment protection, the process of dispute including issues such as evidence and damages, costs and fees, investment and non-investment obligations of investors such related to human rights and environment.
This monographs also pays attention to concerns, expressed by States, investors and the civil society. These include inconsistent decision-making, high costs of ICSID proceedings, the negative impact on sovereignty, contributing to an imbalance between the Global North and South, limited transparency and access to participation in proceedings by the third parties.
Keywords: ICSID, ISDS, intvestment, World Bank, fair and equitable treatment, expropriation, arbitration
JEL Classification: F21, K33, K40
Suggested Citation: Suggested Citation