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Establishment of a Multilateral Investment Court
I.EU internal developments
Adoption of Commission Recommendation and Impact Assessment
13 September 2017
• Commission adopts and publishes the Recommendation for a Council Decision authorising the opening of negotiations for a Convention establishing a multilateral court for the settlement of investment disputes and draft negotiating directives
• Commission releases Impact Assessment Report
All documents are available at: http://trade.ec.europa.eu/doclib/press/index.cfm?id=1608
Adoption and publication of negotiating directives
20 March 2018
• Council adopts negotiating directives authorising the Commission to open negotiations for a Convention establishing a multilateral court for the settlement of investment disputes
• Commitment to transparency: First negotiating directives to be published upon adoption
The negotiating directives are available at:http://data.consilium.europa.eu/doc/document/ST-12981-2017-ADD-1-DCL-1/en/pdf
II.External developments
UNCITRAL discussions & transparency
UNCITRAL (United Nations Commission on International Trade Law) commitment to transparency and openness
• Participation open to all UN members and any interested party (international/regional organisations, civil society)
• Observer status
• Publication of meeting reports and audio recordings
More information: http://www.uncitral.org/uncitral/index.html
UNCITRAL WG III mandateMandate:
I. Identify and consider concerns regarding ISDS
II. Consider whether reform is desirable in the light of any identified concerns
III. If the Working Group concludes that reform is desirable, develop any relevant solutions to be recommended to the Commission
Audio recordings of full meetings available at: http://www.uncitral.org/uncitral/audio/meetings.jsp
More information and documents:https://uncitral.un.org/en/working_groups/3/investor-state
UNCITRAL WG III workNovember 2017: First meeting
• Election of the Chair
• Good substantive discussions on step I of the mandate (identification of concerns of ISDS)
• Specific issues addressed included duration and costs of proceedings, transparency and consistency of case law
• UNCITRAL Secretariat note on a possible reform of ISDS: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V17/067/48/PDF/V1706748.pdf?OpenElement
UNCITRAL WG III workWorking document from the European Union on possible reform of ISDS available in all UN languages:
Arabic: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V17/088/30/PDF/V1708830.pdf?OpenElement
Chinese: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V17/088/31/PDF/V1708831.pdf?OpenElement
English: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V17/088/32/PDF/V1708832.pdf?OpenElement
French: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V17/088/33/PDF/V1708833.pdf?OpenElement
Russian: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V17/088/34/PDF/V1708834.pdf?OpenElement
Spanish: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V17/088/35/PDF/V1708835.pdf?OpenElement
UNCITRAL WG III workApril 2018: Second meeting
• Continued and finalised discussions on step I of the mandate. Specific issues addressed include:
• Limited review of ISDS decisions
• Appointment of arbitrators: lack of guarantees of independence and impartiality, limited pool of individuals, lack of transparency in the appointment process, double-hatting, low sensitivity of arbitrators towards public interest matters.
• Third-party funding
• Finalisation of step I is without prejudice to additional problems of ISDS that may be raised and will be examined by the WG further down the process
UNCITRAL WG III work29 October – 2 November 2018: Third meeting
• The WG essentially concluded discussions on step II of the mandate (desirability of reform) as per the Secretariat's notes
• The WG agreed that reform is desirable to address concerns identified in relation to:
1. Lack of consistency, coherence, predictability and correctness of ISDS decisions
2. Arbitrators and decision-makers
3. Cost and duration of ISDS cases
• These concerns are without prejudice to additional concerns (e.g. third party funding) that will continue to be discussed
UNCITRAL WG III work29 October – 2 November 2018: Third meeting
Secretariat notes by theme:
• ISDS reform: http://www.uncitral.org/pdf/english/workinggroups/wg_3/WGIII-36th-session/149_main_paper_7_September_DRAFT.pdf
• Consistency and related matters: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V18/056/80/PDF/V1805680.pdf?OpenElement
• Independence and impartiality of arbitrators: http://www.uncitral.org/pdf/english/workinggroups/wg_3/WGIII-36th-session/WP_151.pdf
• Appointment of arbitrators and related matters: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V18/057/58/PDF/V1805758.pdf?OpenElement
• Costs and duration of proceedings: https://documents-dds-ny.un.org/doc/UNDOC/LTD/V18/057/51/PDF/V1805751.pdf?OpenElement
UNCITRAL WG III next stepsApril 2019: Fourth meeting
• Expectation is the WG will finalise discussions on third-party funding, as per the Secretariat’s note, and any other concerns
• Expectation is discussions will move to step III of the mandate (design of solutions to reform ISDS). Expected topics of discussion:
• Work plan of the next WG sessions
• Reform options submitted by delegations
UNCITRAL WG III next stepsApril 2019: Fourth meeting
Secretariat notes on:
• Third-party funding: http://undocs.org/en/A/CN.9/WG.III/WP.157
• Work plan options: http://undocs.org/en/A/CN.9/WG.III/WP.158
Submissions by the EU and its Member States (available in all UN languages):
• “Process paper” on the suggested work plan of the next WG sessions: http://undocs.org/en/A/CN.9/WG.III/WP.159
• “Substance paper” on the proposal to establish a Multilateral Investment Court: http://undocs.org/en/A/CN.9/WG.III/WP.159/Add.1
UNCITRAL WG III next stepsApril 2019: Fourth meeting
Submissions by other delegations:
• Indonesia: http://undocs.org/en/A/CN.9/WG.III/WP.156
• Thailand: http://undocs.org/en/A/CN.9/WG.III/WP.162
• Chile, Israel and Japan: https://uncitral.un.org/sites/uncitral.un.org/files/163-as_submitted.pdf
• Morocco: https://uncitral.un.org/sites/uncitral.un.org/files/wp.161_as_sub_0.pdf
III.Exchange of views
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