International Investment Law

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A Multilateral Instrument on ISDS Reform (MIIR): Selected Design Issues

Introduction This post addresses issues being considered in the UNCITRAL Working Group III process in relation to the design of a multilateral instrument on investor–State dispute settlement (ISDS) reform (hereinafter an ‘MIIR’). An MIIR is envisioned as the legal mechanism for applying the various reform options being developed by UNCITRAL Working Group III to the extensive network of existing investment treaties. A first draft of an MIIR was published by the UNCITRAL secretariat in July 2024 (A/CN.9/WG.III/WP.246) and this was discussed by Working Group III in the first part of its Fifty-First session in February 2025 (A/CN.9/1196 paras 31–94) and in its Forty-Ninth session in September 2024 (A/CN.9/1194 paras 105–121). Ahead of the Working Group’s February 2025 session, some participants also made written submissions on the topic of an MIIR, including the European Union (EU) and the United States.

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Compliance through Enforcement in ISDS: What can UNCITRAL Working Group III learn from the ECtHR?

The ISDS reform process at UNCITRAL Working Group III provides a unique opportunity to consider new institutional dispute settlement designs. As EJIL:Talk! Readers will know from earlier blogs on this reform process, a standing mechanism to resolve investment disputes is one of the key proposals in the strengthening of the institutional design, with a Draft Statute…

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The Rise of Outbound Investment Screening: A Vacuum in International Economic Law

Advanced economies, and in particular China and the US, are engaging in a new technological arms race. China is trying to catch up technologically to the US and the US is doing everything it can to prevent that from happening. It perceives Chinese technological advances as a threat to its national security. Outbound investment screening mechanisms are the…

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When Reinforced Self-Judgment Meets Judicial Review: Insights from Seda v. Colombia

On 27 June 2024, the tribunal in the investment dispute Seda v Colombia delivered a long-awaited award. The decision, hailed by Colombia as ‘historic’, represents the first publicly available award where an investment tribunal accepted the ‘self-judging’ character of a provision within an investment agreement. Additionally, it is the first public award to dismiss an entire…

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People from La Oroya vs Peru, Inter-American Court of Human Rights: How Effective is International Law to Protect the Environment in Extractive Contexts?

On March 22nd, the Inter-American Court of Human Rights ruled a landmark decision on the protection of the right to a healthy environment in the context of mining activities. The Court declared the international responsibility of the Peruvian State for breaching the Inter-American Convention on Human Rights, specifically for violations of the right to a…

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