Will the EU’s Proposal Concerning an Investment Court System for CETA and TTIP Lead to Enforceable Awards?—The Limits of Modifying the ICSID Convention and the Nature of Investment Arbitration

August Reinisch

Journal of International Economic Law, 2016, vol. 19, issue 4, 761-786

Abstract: Both the November 2015 EU Commission proposal for Investment Protection and Resolution of Investment Disputes in the EU-US Transatlantic Trade and Investment Partnership (TTIP) as well as the revised February 2016 version of the Canada-EU Comprehensive Economic and Trade Agreement (CETA) contain an investment court system (ICS) which is a two-tier mechanism for investor-State dispute settlement (ISDS), combining elements of traditional investor-State arbitration (ISA) with judicial features. The resulting hybrid form of dispute settlement should be regarded as a permissible inter se modification of the ICSID Convention. Nevertheless, this will not ensure that the non-modifying ICSID Contracting Parties have to recognize and enforce ICS awards as ICSID awards pursuant to the specific rules of the ICSID Convention. Rather, they should be regarded as enforceable awards under the New York Convention. This latter result will ensure that the outcome of ICS dispute settlement will be enforceable not only in the respective Contracting Parties of TTIP and CETA, but also in other States parties to the New York Convention.

Date: 2016
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1093/jiel/jgw072 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:jieclw:v:19:y:2016:i:4:p:761-786.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Journal of International Economic Law is currently edited by Kathleen Claussen, Sergio Puig and Michael Waibel

More articles in Journal of International Economic Law from Oxford University Press Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().