Abstract
This Chapter examines the relationship between investor-State arbitration and EU law. It discusses how the EU and its Member States strove for the correct and uniform application of EU law in an international investment law context. In Slovak Republic v Achmea, the Court of Justice of the EU clarified that intra-EU ISDS is incompatible with EU law. This approach originates from the Opinions of the Court of Justice of the EU preventing external judiciary organs to have jurisdiction on legal acts and omissions of the EU, and is reinforced by the Member States’ Declarations of 15 and 16 January 2019, as well as the Termination Agreement of 5 May 2020 phasing out intra-EU ISDS. This Chapter further discusses landmark cases such as République de Moldavie v Komstroy; Republic of Poland v PL Holdings; and European Commission v European Food SA and Others. Finally, the inclusion of the Investment Court System in bilateral agreements with trade partners of the EU, the proposal of a Multilateral Investment Court and the work on a Standing Multilateral Mechanism for the resolution of investor-State disputes within the UNCITRAL Working Group III are endeavours to improve various pitfalls of the ISDS system.
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Notes
- 1.
Herrmann and Hoffmann (2021), p. 9.
- 2.
European Commission (2012).
- 3.
Ioan Micula, Viorel Micula and others v Romania (I), ICSID Case No. ARB/05/20.
- 4.
See Arts. 107, 108 and 109 of the Treaty on the Functioning of the European Union (TFEU).
- 5.
See the procedural history of the case, as detailed in the Commission Decision (EU) 2015/1470 of 30 March 2015 on State aid SA.38,517 (2014/C) (ex 2014/NN) implemented by Romania—Arbitral award Micula v Romania of 11 December 2013.
- 6.
Micula (and others) v Romania (ICSID Case No. ARB05/20), Final Award 11 December 2013.
- 7.
See also Sect. 8.1.7, European Commission v European Food SA and Others, Case C-638/19 P.
- 8.
Achmea v The Slovak Republic, PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, 26 October 2010, paras. 26, 151.
- 9.
Achmea v The Slovak Republic, PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, 26 October 2010, para. 30.
- 10.
Achmea v The Slovak Republic, PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, 26 October 2010, paras. 37, 175–96.
- 11.
Achmea v The Slovak Republic, PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, 26 October 2010, paras. 176–182.
- 12.
Achmea v The Slovak Republic, PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, 26 October 2010, paras. 183–184.
- 13.
Achmea v The Slovak Republic, PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, 26 October 2010, paras. 185–186.
- 14.
Achmea v The Slovak Republic, PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, para. 187.
- 15.
Achmea v The Slovak Republic, PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, paras. 188–193.
- 16.
Achmea v The Slovak Republic, PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, para. 293.
- 17.
Jagusch and Sullivan (2011).
- 18.
Energy & Environment (SCA) (Grand Duchy of Luxembourg), SICAR v Kingdom of Spain, SCC Case No. 2015/063, Foresight Luxembourg Solar 1 S.À.R.L., et al. v Kingdom of Spain, SCC Case No. 2015/150, BayWa r.e. Renewable Energy GmbH and BayWa r.e. Asset Holding GmbH v Kingdom of Spain, ICSID Case No. ARB/15/16, Stadtwerke München GmbH and others v Kingdom of Spain, ICSID Case No. ARB/15/1, OperaFund Eco-Invest SICAV PLC and Schwab Holding AG v Kingdom of Spain, ICSID Case No. ARB/15/36, Hydro Energy 1 S.à r.l. and Hydroxana Sweden AB v Kingdom of Spain, ICSID Case No. ARB/15/42, 9REN Holding S.a.r.l v Kingdom of Spain, ICSID Case No. ARB/15/15, Cube Infrastructure Fund SICAV and others v Kingdom of Spain, ICSID Case No. ARB/15/20.
- 19.
United Utilities (Tallinn) B.V. and AS Tallinna Vesi Claimants v Republic of Estonia Respondent, ICSID Case No. ARB/14/24.
- 20.
Gerlich (2017), p. 255.
- 21.
Sanches Afonso (2019), pp. 242–243.
- 22.
See, for example, Alicia Grace and others v Mexico, ICSID Case No UNCT/ 18/ 4, Procedural Order No 4, 24 June 2019, para. 52.
- 23.
Sanches Afonso (2019), p. 243.
- 24.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018.
- 25.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 8.
- 26.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 9. See also Achmea B.V. (formerly known as “Eureko B.V.”) v The Slovak Republic, UNCITRAL, PCA Case No. 2008-13, Final Award, 7 December 2012, para. 12.
- 27.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 12.
- 28.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 14.
- 29.
Oberlandesgericht Frankfurt, Decision of 18 December 2014 – Case 26 Sch 3/13.
- 30.
Bundesgerichtshof, Decision of 3 March 2016 – Case I ZB 2/15.
- 31.
In contrast to the Achmea judgment, Opinion 1/17 also concerned the compatibility of substantial investment protection standards with EU law.
- 32.
Lavranos and Singla (2018), p. 777.
- 33.
See Order for reference of the BGH, 3 March 2016, I ZB 2/15.
- 34.
In this sense, the tribunal in Vattenfall v Germany (II) analysed the potential relevance of the Achmea judgment in the context of its jurisdiction. See ICSID, Vattenfall AB and others v Federal Republic of Germany, Decision on the Achmea issue, 31 August 2018, ICSID Case No. ARB/12/12, para. 139.
- 35.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 31.
- 36.
This corresponds to the Courts findings in Opinion 1/17, at paras. 127, 129, where it is recalled that the Achmea judgment is based on the principle of mutual trust and therefore not transferable to an extra-EU context. Opinion 1/17 of the Court (Full Court), 30 April 2019. See also Segoin (2019), p. 238.
- 37.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 56.
- 38.
Landesbank Baden-Württemberg et al. v Kingdom of Spain, ICSID Case No. ARB/15/45, Decision on the “Intra-EU” Jurisdictional Objection, 25 February 2019, para. 138; Landesbank Baden-Württemberg et al. v Kingdom of Spain, ICSID Case No. Arb/15/45, Decision on the Respondent’s Application for Reconsideration of the ‘Intra-EU’ Jurisdictional Decisions, 22 February 2023; Lemaire (2018), p. 434.
- 39.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 42.
- 40.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 42.
- 41.
Particularly relevant in cases where the host State acceded to the EU after concluding the applicable BIT, EU treaties are considered as successive treaties relating to the same subject-matter in the sense of Art. 30 VCLT. See Glinski (2018), pp. 47, 60.
- 42.
See Vattenfall AB and others v Federal Republic of Germany, Decision on the Achmea issue, 31 August 2018, ICSID Case No. ARB/12/12, paras. 147–150.
- 43.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 43.
- 44.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 45.
- 45.
Slovak Republic v Achmea BV, Case C-284/166, Judgment of the Court (Grand Chamber), 6 March 2018, para. 43.
- 46.
- 47.
Slovak Republic v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 59.
- 48.
Slovak Republic v Achmea BV, Case C-284/166, Judgment of the Court (Grand Chamber), 6 March 2018, para. 51. Art. 18 (1) UNCITRAL Arbitration Rules stipulates that ‘if the parties have not previously agreed on the place of arbitration, the place of arbitration shall be determined by the arbitral tribunal having regard to the circumstances of the case’.
- 49.
See Masdar Solar & Wind Cooperatief U.A. v Kingdom of Spain, Award, 16 May 2018, ICSID Case No. ARB/14/1; UP and C.D Holding Internationale v Hungary, Award, 9 October 2018, ICSID Case No. ARB/13/35; Greentech Energy Systems A/S, et al. v Italian Republic, Award, 23 December 2018, SCC Case No. V 2015/095; CEF Energia BV v Italian Republic, Award, 16 January 2019, SCC Case No. 158/2015; 9REN Holding S.a.r.l. v Kingdom of Spain, Award, 31 May 2019 ICSID Case No. ARB/15/15; Vattenfall AB and others v Federal Republic of Germany, Decision on the Achmea issue, 31 August 2018, ICSID Case No. ARB/12/12; Eskosol S.p.A. in liquidazione v Italian Republic, Decision on Termination Request and Intra-EU Opinion, 7 May 2019, ICSID Case No. ARB/15/50.
- 50.
Vattenfall AB and others v Federal Republic of Germany, ICSID Case No. ARB/12/12, Decision on the Achmea issue, 31 August 2018, para. 163; Masdar Solar & Wind Cooperatief U.A. v Kingdom of Spain, ICSID Case No. ARB/14/1, Award, 16 May 2018, para. 682; Eskosol S.p.A. in liquidazione v Italian Republic, ICSID Case No. ARB/15/50, Decision on Termination Request and Intra-EU Opinion, 7 May 2019, paras. 167–168.
- 51.
Vattenfall AB and others v Federal Republic of Germany, ICSID Case No. ARB/12/12, Decision on the Achmea issue, 31 August 2018, para. 133; Eskosol S.p.A. in liquidazione v Italian Republic, ICSID Case No. ARB/15/50, Decision on Termination Request and Intra-EU Opinion, 7 May 2019, paras. 115, 174; Rockhopper Italia S.p.A., Rockhopper Mediterranean Ltd, and Rockhopper Exploration Plc v Italian Republic, ICSID Case No. ARB/17/14, Decision on the Intra-EU Jurisdictional Objection, 26 June 2019, para. 174. See also Greentech Energy Systems A/S, et al. v Italian Republic, SCC Case No. V 2015/095, Award, 23 December 2018, para. 397; Eiser Infrastructure Limited and Energía Solar Luxembourg S.à.r.l. v Kingdom of Spain, ICSID Case No. ARB/13/36, Award, 4 May 2017, paras. 197–198.
- 52.
European Commission, Communication from the Commission to the European Parliament and the Council, Protection of intra-EU investment, Brussels, 19.7.2018 COM(2018) 547 final.
- 53.
Slowakische Republik (Slovak Republic) v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018.
- 54.
Slowakische Republik (Slovak Republic) v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018.
- 55.
Slowakische Republik (Slovak Republic) v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 33.
- 56.
Slowakische Republik (Slovak Republic) v Achmea BV, Case C-284/16, Judgment of the Court (Grand Chamber), 6 March 2018, para. 58.
- 57.
German Federal Court of Justice, Decision, Case I ZB 2/15, 31 October 2018.
- 58.
Republic of Poland v PL Holdings, Svea Court of Appeal, Case No. T 8538-17, 13 June 2018.
- 59.
Vattenfall AB and others v Federal Republic of Germany, ICSID Case No. ARB/12/12.
- 60.
Vienna Convention on the Law of Treaties, 1969, Article 31(3)(c).
- 61.
Landesbank Baden-Württemberg Et Al. v Kingdom Of Spain, ICSID Case No. ARB/15/45, Decision on the “Intra-EU” Jurisdictional Objection, para. 192.
- 62.
Landesbank Baden-Württemberg Et Al. v Kingdom Of Spain, ICSID Case No. ARB/15/45, Decision on the “Intra-Eu” Jurisdictional Objection, para. 194.
- 63.
Masdar Solar & Wind Cooperatief U.A. v the Kingdom of Spain, ICSID Case No Arb/14/1.
- 64.
Eiser Infrastructure Limited and Energia Solar Luxembourg S.à.r.l. v the Kingdom of Spain, ICSID Case No. ARB/13/36.
- 65.
Antin Energia Termosolar B.V. v the Kingdom of Spain, ICSID Case No. ARB/13/31.
- 66.
Vattenfall AB and others v Federal Republic of Germany, ICSID Case No. ARB/12/12.
- 67.
Antaris Solar GmbH and Dr. Michael Göde v Czech Republic, PCA Case No. 2014-01.
- 68.
Athena Investments A/S v the Kingdom of Spain, SCC Case No. 150/2015.
- 69.
RWE Innogy GmbH and another v Kingdom of Spain, ICSID Case No. ARB/14/34.
- 70.
Declaration Of The Representatives Of The Governments Of The Member States, Of 15 January 2019, On The Legal Consequences Of The Judgment Of The Court Of Justice In Achmea And On Investment Protection In The European Union, Council of the European Union, Draft Minutes, Council of the European Union (Foreign Affairs), 15 July 2019.
- 71.
Declaration Of The Representatives Of The Governments Of The Member States, Of 15 January 2019, On The Legal Consequences Of The Judgment Of The Court Of Justice In Achmea And On Investment Protection In The European Union, Council of the European Union, Draft Minutes, Council of the European Union (Foreign Affairs), 15 July 2019.
- 72.
Declaration Of The Representatives Of The Governments Of The Member States, Of 15 January 2019, On The Legal Consequences Of The Judgment Of The Court Of Justice In Achmea And On Investment Protection In The European Union, Council of the European Union, Draft Minutes, Council of the European Union (Foreign Affairs), 15 July 2019.
- 73.
Declaration Of The Representatives Of The Governments Of The Member States, Of 16 January On The Enforcement Of The Judgment Of The Court Of Justice In Achmea And On Investment Protection In The European Union.
- 74.
Declaration Of The Representatives Of The Governments Of The Member States, Of 16 January On The Enforcement Of The Judgment Of The Court Of Justice In Achmea And On Investment Protection In The European Union.
- 75.
Novenergia II - Energy & Environment (SCA) (Grand Duchy of Luxembourg), SICAR v The Kingdom of Spain, SCC Case No. 2015/063.
- 76.
Novenergia II - Energy & Environment (SCA) (Grand Duchy of Luxembourg), SICAR v The Kingdom of Spain, SCC Case No. 2015/063.
- 77.
The Hungary Declaration was dated 16 January 2019 as well.
- 78.
Statement by Hungary, Council of the European Union, Draft Minutes, Council of the European Union (Foreign Affairs), 15 July 2019.
- 79.
Statement by Hungary, Council of the European Union, Draft Minutes, Council of the European Union (Foreign Affairs), 15 July 2019.
- 80.
Agreement for the termination of Bilateral Investment Treaties between the Member States of the European Union, Official Journal of the European Union L 169/1. 29.5.2020.
- 81.
Convention on the Settlement of Investment Disputes between States and Nationals of Other States, 17 U.S.T. 1270, T.I.A.A. 6090, 575 U.N.T.S. 159, Article 52 (done at Washington on March 18, 1965, entered into force on October 14, 1966).
- 82.
The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 21 U.S.T. 2517, T.I.A.S. 6997, 330 U.N.T.S 3, Articles III-VI (done at New York in June 10, 1958, entered into force on June 7, 1959, entered into force for the United States on December 29, 1970).
- 83.
Termination Agreement, Arts. 6(1) and (2).
- 84.
Urquhart and Sullivan (2020).
- 85.
Termination Agreement art. 7(2).
- 86.
Agreement for the termination of Bilateral Investment Treaties between the Member States of the European Union, Art. 1.
- 87.
Agreement for the termination of Bilateral Investment Treaties between the Member States of the European Union, Art. 7.
- 88.
Agreement for the termination of Bilateral Investment Treaties between the Member States of the European Union, Annex C.
- 89.
Agreement for the termination of Bilateral Investment Treaties between the Member States of the European Union, Arts. 8–10.
- 90.
Agreement for the termination of Bilateral Investment Treaties between the Member States of the European Union, Art. 1.
- 91.
Agreement for the termination of Bilateral Investment Treaties between the Member States of the European Union, Art. 5.
- 92.
Agreement for the termination of Bilateral Investment Treaties between the Member States of the European Union, Art. 7.
- 93.
Agreement for the termination of Bilateral Investment Treaties between the Member States of the European Union, Art. 8.
- 94.
U.S. Model BIT 2012 Article 22(3).
- 95.
Termination Agreement, Articles 2 and 3.
- 96.
Agreement for the Termination of Bilateral Investment Treaties between the Member States of the European Union.
- 97.
Conclusions of Advocate General M. Maciej Szpunar, 3 March 2021, Case C-741/19, République de Moldavie v Komstroy LLC, successor to the company Energoalians, para. 10.
- 98.
Conclusions of Advocate General M. Maciej Szpunar, 3 March 2021, Case C-741/19, République de Moldavie v Komstroy LLC, successor to the company Energoalians, paras. 12–13.
- 99.
Conclusions of Advocate General M. Maciej Szpunar, 3 March 2021, Case C-741/19, République de Moldavie v Komstroy LLC, successor to the company Energoalians, para. 14.
- 100.
Conclusions of Advocate General M. Maciej Szpunar, 3 March 2021, Case C-741/19, République de Moldavie v Komstroy LLC, successor to the company Energoalians, para. 15.
- 101.
Energoalians TOB v Republic of Moldova, UNCITRAL, Award, 13 October 2013, para. 356.
- 102.
Energoalians TOB v Republic of Moldova, UNCITRAL, Award, 13 October 2013, para. 436.
- 103.
Conclusions of Advocate General M. Maciej Szpunar, 3 March 2021, Case C-741/19, République de Moldavie v Komstroy LLC, successor to the company Energoalians, para. 17.
- 104.
Cour D’appel De Paris, Pôle 1 - Chambre 1 Arrêt Du 12 Avril 2016, Numéro d’inscription au répertoire général: 13/22531, République De Moldavie contre Société Komstroy venant aux droits de la société Energoalians.
- 105.
Cour de cassation, chambre civile 1, N° de pourvoi: 16-16568, ECLI:FR: CCASS:2018:C100352, 11 April 2018.
- 106.
Paris Court of Appeal (Chamber 1), 24 September 2019, No. 18/14721.
- 107.
Conclusions of Advocate General M. Maciej Szpunar, 3 March 2021, Case C-741/19, République de Moldavie v Komstroy LLC, successor to the company Energoalians, para. 23–24.
- 108.
République de Moldavie v Komstroy LLC, Case C-741/19, para. 34.
- 109.
République de Moldavie v Komstroy LLC, Case C-741/19, para. 41.
- 110.
Republic of Poland v PL Holdings S.à.r.l., Case C-109/20.
- 111.
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.
- 112.
Republic of Poland v PL Holdings S.à.r.l., Case C-109/20, para. 52.
- 113.
EU-Singapore Free Trade Agreement.
- 114.
Cremona (2018), pp. 231–259.
- 115.
Hainbach (2018), p. 200.
- 116.
Wessel (2008), p. 175.
- 117.
Kleimann and Kübek (2016), pp. 13–46.
- 118.
Article 216(1) TFEU.
- 119.
Opinion 2/15 of the Court of Justice of the European Union (Full Court), Opinion pursuant to Article 218(11) TFEU [2017] ECLI:EU:
C:2017:376, paras. 12–14.
- 120.
Opinion 2/15 of the Court of Justice of the European Union (Full Court), Opinion pursuant to Article 218(11) TFEU [2017] ECLI:EU:
C:2017:376, paras. 12–14.
- 121.
Opinion 2/15 of the Court of Justice of the European Union (Full Court), Opinion pursuant to Article 218(11) TFEU [2017] ECLI:EU:spiepr Par234C:2017:376, para. 19.
- 122.
Request for an opinion submitted by the European Commission pursuant to Art. 218(11) TFEU (Opinion 2/15) (2015/C 363/22), 3 Nov. 2015.
- 123.
Opinion 2/15 of the Court of Justice of the European Union (Full Court), Opinion pursuant to Article 218(11) TFEU [2017] ECLI:EU:
C:2017:376, para. 305.
- 124.
Opinion 2/15 of the Court of Justice of the European Union (Full Court), Opinion pursuant to Article 218(11) TFEU [2017] ECLI:EU:
C:2017:376, para. 305.
- 125.
Opinion 2/15 of the Court of Justice of the European Union (Full Court), Opinion pursuant to Article 218(11) TFEU [2017] ECLI:EU:
C:2017:376, para. 292.
- 126.
Opinion 2/15 of the Court of Justice of the European Union (Full Court), Opinion pursuant to Article 218(11) TFEU [2017] ECLI:EU:
C:2017:376, para. 305.
- 127.
Agreement Between The European Union and Japan for an Economic Partnership.
- 128.
EU – China Comprehensive Agreement on Investment (CAI), Agreement in Principle, Section V Dispute Settlement, 30 December 2020.
- 129.
European Union’s proposal for the EU-New Zealand FTA, Dispute Settlement.
- 130.
European Union’s proposal for the EU-Australia FTA, Dispute Settlement.
- 131.
Trade Part of the EU-Mercosur Association Agreement, Text of the Agreement in Principle, Dispute Settlement, 28 June 2019.
- 132.
Modernisation of the Trade Part of the EU-Mexico Global Agreement, Text of the Agreement in Principle, Resolution of Investment Disputes, 21 April 2018.
- 133.
European Parliament, CETA ratification process: Recent developments, 2017.
- 134.
Opinion 1/17 of the Court of Justice of the European Union, 30 April 2019.
- 135.
Opinion 1/17 of the Court of Justice of the European Union, 30 April 2019.
- 136.
Opinion 1/17 of the Court of Justice of the European Union, paras. 106–107.
- 137.
Opinion 1/17 of the Court of Justice of the European Union, para. 111.
- 138.
Opinion 1/17 of the Court of Justice of the European Union, para. 115.
- 139.
Opinion 1/17 of the Court of Justice of the European Union, para. 117.
- 140.
Opinion 1/17 of the Court of Justice of the European Union, para. 122.
- 141.
Article 8.31.2 CETA.
- 142.
Opinion 1/17 of the Court of Justice of the European Union, paras. 122 and 133.
- 143.
Opinion 1/17 of the Court of Justice of the European Union, para.121.
- 144.
Opinion 1/17 of the Court of Justice of the European Union, para. 121.
- 145.
Opinion 1/17 of the Court of Justice of the European Union, para. 130–131.
- 146.
Opinion 1/17 of the Court of Justice of the European Union, para. 130.
- 147.
Titi (2017).
- 148.
Titi (2017).
- 149.
Submission from the European Union and its Member States, UNCITRAL Working Group III, A/CN.9/WG.III/WP.159/Add.1, 24 January 2019, paras. 22–24.
- 150.
Article 8.28 of CETA; Article 3.10 of the EU-Singapore IPA; Article 3.39 of the EU-Vietnam IPA; Article 12 of the EU-Mexico Trade Agreement, Section on Resolution of Investment Disputes.
- 151.
Article 8.28(2) of CETA; Article 3.19(1) of the EU-Singapore IPA; Article 3.54(1) of the EU-Vietnam IPA;
Article 30(1) of the EU-Mexico Trade Agreement, Section on Resolution of Investment Disputes. There is however a certain debate as to whether the term ‘correctness’ is appropriate when applied to international decisions.
- 152.
Titi (2021).
- 153.
See Sect. 9.9.3, Permanent Investment Court.
- 154.
Possible reform of investor-State dispute settlement (ISDS) Submission from the European Union and its Member States A/CN.9/WG.III/WP.159/Add.1.
- 155.
Possible reform of investor-State dispute settlement (ISDS) Submission from the European Union and its Member States A/CN.9/WG.III/WP.159/Add.1, para. 83.
- 156.
For an example of such a mechanism, see the Investment Protection Agreement between the European Union and its Member States, of the one part, and the Republic of Singapore, of the other part which provides in Article 3.22 that “Final awards issued pursuant to this Section by the Tribunal shall be binding between the disputing parties and shall not be subject to appeal, review, set aside, annulment or any other remedy,” and in Article 3.7(1)(f)(iii) that requires a declaration that the claimant “will not seek to appeal, review, set aside, annul, revise or initiate any other similar procedure before an international or domestic court or tribunal, as regards an award pursuant to this Section”. See also The Comprehensive Economic and Trade Agreement between Canada and the EU and its Member States (Article 8.28(9)(b)) and the Investment Protection Agreement between Viet Nam and the EU and its Member States (Articles 3.36(3)(b) and 3.57(1)(b)).
- 157.
See Langford et al. (2017), p. 328.
- 158.
This idea draws on Rule 6(2) of the Working procedures for appellate review of the Appellate Body of the WTO.
- 159.
Most domestic and international courts allow full-time adjudicators to engage in teaching: this could be permitted.
- 160.
Susan Block-Lieb and Halliday (2017), p. 323.
- 161.
Article 21, Treaty on European Union.
- 162.
See also Wessel (2011), pp. 629–630.
- 163.
United Nations Commission on International Trade Law, Frequently Asked Questions - Methods of Work.
- 164.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP. 149 to 152.
- 165.
See Sect. 9.9.3, Permanent Investment Court.
- 166.
UNCITRAL Working Group III, Report A/CN.9/935, para. 14.
- 167.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.149, paras. 21, 24, and 34.
- 168.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.150, paras. 32 to 36.
- 169.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.149, para. 23.
- 170.
UNCITRAL Working Group III, Note by the Secretariat, Note A/CN.9/WG.III/WP.149, para. 26, and A/CN.9/WG.III/WP.150.
- 171.
UNCITRAL Working Group III, Note by the Secretariat A/CN.9/915, paras. 10–33.
- 172.
UNCITRAL Working Group III, Note by the Secretariat A/CN.9/WG.III/WP.150, paras. 37–41.
- 173.
UNCITRAL Working Group III, Note by the Secretariat A/CN.9/WG.III/WP.149, para. 43, and Note by the Secretariat, A/CN.9/WG.III/WP.150, paras. 44–45.
- 174.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.149, para. 41.
- 175.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.166.
- 176.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.149 para. 44; and Note by the Secretariat, A/CN.9/WG.III/WP.150 para. 47.
- 177.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.150, para. 46; Note by the Secretariat, A/CN.9/WG.III/WP.151, A/CN.9/WG.III/WP.152.
- 178.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.149, para. 49; and Note by the Secretariat, A/CN.9/WG.III/WP.151, para. 19.
- 179.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.149, paras. 52 and 56, Note by the Secretariat, A/CN.9/WG.III/WP.151, paras. 49 to 67.
- 180.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.167, 31 July 2019.
- 181.
UNCITRAL Working Group III, Report, A/CN.9/1004 dated 12 October 2019, paras. 52 and 77.
- 182.
UNCITRAL Working Group III, Report, A/CN.9/1004 dated 12 October 2019, para. 57.
- 183.
UNCITRAL Working Group III, Report, A/CN.9/1004 dated 12 October 2019, para. 72.
- 184.
UNCITRAL Working Group III, Report, A/CN.9/1004 dated 12 October 2019, para. 74.
- 185.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.166, paras. 80–98.
- 186.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.166, paras. 31–49.
- 187.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.166.
- 188.
UNCITRAL Working Group III, Note by the Secretariat, A/CN.9/WG.III/WP.193, 22 January 2020.
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Marisi, F. (2023). Investor-State Arbitration and European Union Law. In: Rethinking Investor-State Arbitration. Studies in European Economic Law and Regulation, vol 27. Springer, Cham. https://doi.org/10.1007/978-3-031-38184-3_8
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