Current State of Transparency in Investment Arbitration: Progress Made But Not Enough

Abstract

The issue of transparency is one of the main causes of the “backlash” against investor-state arbitration that we observe today. Perceived lack of transparency has led to notorious terms such as “secret trade courts” and “proceedings behind closed doors”. During the recent years the international community thus has initiated a series of steps to improve the situation. The main effort was concentrated in the United Nations Commission for International Trade Law (UNCITRAL), which prepared important instruments to address the concerns of insufficient transparency and participation in proceedings. However, as the paper illustrates, challenges regarding this area still remain and are worth further attention.

Keywords: Investment arbitration; ISDS; Transparency rules; Mauritius Convention; UNCITRAL

JEL Classification: K33