UN General Assembly Resolution on Tax Convention
Based on a draft resolution submitted by Nigeria on behalf of the African Group, the recent United Nations (UN) General Assembly resolution on the UN tax treaty aims to bolster […]
News
European Commission publishes model BIT clauses between EU member states and third countries
In September 2023, the European Commission has unveiled a non-paper presenting model clauses for BITs between EU member states and third countries. These model clauses, accompanied by annotations, aim to […]
UNCITRAL Working Group III continued its work in Vienna during its 46th session
In October 2023, UNCITRAL delegates to Working Group III gathered again in Vienna to continue their work on ISDS reform. Two topics were discussed—(i) draft provisions on the establishment of […]
UNCTAD’s World Investment Forum
From October 15 to 20, 2023, UNCTAD organized its eighth World Investment Forum in Abu Dhabi. The World Investment Forum highlighted global investment challenges and opportunities. Discussions focused on sustainable […]
British court upholds Nigeria’s challenge against controversial mega-award
The English High Court upheld Nigeria’s challenge against controversial awards in favour of Process & Industrial Developments Limited (P&ID) by finding significant irregularities in the arbitration process. The arbitration awards […]
High-profile coal phase-out intra-EU arbitration discontinued
As we reported earlier, in 2021, the German energy company RWE filed for a controversial ECT arbitration challenging the Netherlands’ coal phase-out. In the context of the arbitration, the Netherlands […]
EU respondent in one of the arbitrations brought by an oil-refining group
EU appears as a respondent in one of the three arbitrations brought by oil-refining companies belonging to Klesch Group (here, here, and here). It has been reported that the trio […]
Billionaire Clive Palmer files another arbitration against Australia
The Singapore company Zeph Investments Pte, owned by Australian billionaire Clive Palmer, has reportedly filed a notice of intention to commence arbitration against Australia based on the Singapore–Australia Free Trade […]
WTO Agreement on Investment Facilitation for Development is finalized
On July 6, 2023, more than 110 WTO members reached a significant milestone, as the finalization of the Investment Facilitation for Development Agreement’s (IFDA) text was announced. The IFDA is […]
European Commission proposes a coordinated EU withdrawal from the ECT
On July 7, 2023, the European Commission proposed a coordinated withdrawal by the EU, its member states, and Euratom from the ECT, citing the treaty’s incompatibility with the EU’s climate […]
UK to consider withdrawal from ECT if reform fails
The United Kingdom—a major ECT contracting state outside of the EU—indicated on September 1 that it would consider withdrawing from the ECT if the treaty’s signatories fail to agree on […]
Spanish-owned property being seized in the United Kingdom
As part of the enforcement saga of investment treaty arbitration awards issued in the renewable energy disputes against Spain, a Luxembourgish investor (formerly known as “Antin”) secured a seizing order […]
U.S. Court overturns a decision to enforce the Devas award
The U.S. Court of Appeals for the Ninth Circuit overturned a decision to enforce an award in favour of Devas based on a long-running dispute between Devas and Antrix. The […]
Czechia prevails in an arbitration brought by a former Czech senator
The state prevailed in an unusual dispute brought against it by companies ultimately controlled by a former Czech senator, Ivo Valenta. The case concerned municipalities’ authority to regulate gambling on […]
The German courts offer protection from intra-EU arbitrations
The German Federal Court of Justice confirmed in three related cases that EU member states may apply to it to hold intra-EU investment arbitrations based on the ECT and filed […]
UNCITRAL Working Group III: The Commission adopts the Working Group’s first outcome
During its July session, the UNCITRAL (Commission) adopted in principle the Code of Conduct for Arbitrators and . This is the first official outcome of the UNCITRAL Working Group III […]
Germany denies benefits to Russian investors under ECT
According to a press statement released by the Energy Charter’s Secretariat on March 17, 2023, Germany exercised its right under Article 17 of the Energy Charter Treaty (ECT) to deny […]
EU Parliament proposes directive to regulate third-party funding
The European Parliament recommended to the Commission to propose a Directive on the regulation of third-party funding in the EU with the title “Responsible funding of litigation.” If adopted in […]
Norway terminates its IIAs with European Economic Area members
The Government of Norway has been pursuing the termination of its bilateral investment treaties (BITs) with members of the European Economic Area (EEA–EEA membership contains EU and European Free Trade […]
India sends termination notices to 68 countries with a request to renegotiate
In March 2023, it was reported that the Government of India had sent out 68 notices of termination regarding its existing bilateral investment treaties (BITs). It is understood that the […]
Venezuela and Colombia sign a BIT
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ICJ delivers its merits judgment in Certain Iranian Assets (Islamic Republic of Iran v. United States of America)
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U.S. district court stops enforcement of an award against Spain based on EU law argument
As award creditors in the renewable energy ISDS cases lost by Spain face significant hurdles to enforce their awards within the EU, they often turn to U.S. courts for enforcement. […]
AfCFTA Protocol on Investment finalized
The continent’s Ministers of Justice finalized legal scrubbing of the three key protocols to the African Continental Free Trade Area (AfCFTA), among which was the Protocol on Investment (the other […]
ECT withdrawals and EU discussions on inter se agreement
After a vote in the Council of the EU for the proposed reform of the Energy Charter Treaty failed last November, the European Commission appears to have radically shifted its […]
Consultations on the Convention on the Right to Development
The Office of the United Nations (UN) High Commissioner for Human Rights and the Intergovernmental Working Group on the right to development have published a call for comments on the […]
WTO negotiations of the plurilateral agreement on investment facilitation reach a draft text
Since September 2020, a group of WTO members has been negotiating a new agreement on investment facilitation disciplines, following nearly 3 years of preparatory work. The negotiations for this Investment […]
EU signs MoUs on sustainable raw materials with three countries
In November 2022, the EU signed three memoranda of understanding (MoUs) with Ukraine, Kazakhstan, and Namibia on strategic cooperation on sustainable raw materials, batteries, and renewable hydrogen. These MoUs are […]
EU and India set up Trade and Technology Council
In February 2023, the EU and India set up a new Trade and Technology Council (TTC). The new TTC will deepen strategic engagement on trade and technology between both partners. […]
EU Corporate Sustainability Reporting Directive enters into force
On January 5, 2023, the EU Corporate Sustainability Reporting Directive entered into force. This new directive codifies the rules about the social and environmental information that companies have to report. […]
OECD concluded public consultations on targeted update of Guidelines for Multinational Enterprises
The OECD Guidelines for Multinational Enterprises are one of the main reference instruments that set out recommendations to businesses for ensuring responsible business conduct in a wide area of business […]
AfCFTA Protocol on Investment was concluded
African negotiators embarked on a yearlong process in December 2021 to develop the text of the Protocol on Investment, culminating in a final version that defines the protection, promotion, and facilitation […]
ECT vote and withdrawals
Amid a growing number of national decisions to withdraw from the Energy Charter Treaty, pressure on the European Commission to prepare a withdrawal of the bloc is increasing. So far, […]
WTO Investment Facilitation is approaching a stabilized negotiating text
The members of the WTO Joint Statement Initiative (“JSI”) on Investment Facilitation for Development have completed two more rounds of negotiations, with one taking place in November, and another from […]
Irish Supreme Court weighs in on CETA constitutionality
On November 11, 2022, the Irish Supreme Court handed down an important judgment regarding the constitutionality of the investment chapter in the CETA. The court held that currently, the Irish […]
Dutch court denies compensation to RWE and Uniper
In an important and highly anticipated decision, The Hague District Court denied compensation to two German energy companies, RWE and Uniper, owners of three Dutch coal-fired energy plants, for the […]
EU and Angola conclude Sustainable Investment Facilitation Agreement—the first EU agreement of this kind
In November 2022, the EU and Angola concluded a Sustainable Investment Facilitation Agreement (SIFA)—the first EU agreement of this kind. The SIFA aims to make it easier to attract and […]
ICSID arbitration rules amendment come into effect
After more than 5 years of negotiations involving representatives from governments, business, civil society as well as legal counsel and arbitrators, the ICSID has released its new 2022 Rules and Regulations. The new 2022 Rules and Regulations came into effect on July 1, 2022.
Plurilateral negotiations on investment facilitation for development agreement at WTO enter final sprint
Signatories of the joint statement initiative on investment facilitation for development (IFD), which is currently supported by more than 110 WTO members (two-thirds of the WTO membership), aim to conclude text-based talks by the end of this year.
EC-Germany draft joint statement clarifying investment standards in CETA
The European Commission and the German federal government put together a draft statement clarifying the content of the FET and indirect expropriation standards in CETA.
Debate over ECT’s future grows as November vote approaches
Ahead of a critical vote this November, the fate of the ECT modernization hangs in the balance amid continued questions over whether the reforms go far enough to render the agreement compatible with global climate action goals under the UN’s Paris Agreement.
Negotiations of the AfCFTA Investment Protocol in full swing
Since December 2021, when state parties to the AfCFTA began discussion rounds on the zero-draft text to raise preliminary concerns on it, they have since had rounds of negotiations between March and June 2022.
UNCITRAL Working Group III—Investor–State Dispute Settlement Reform—enters crucial phase
From September 5 to 16, 2022, UNCITRAL Working Group III (WGIII) on ISDS Reform held its 43rd session. This was the first in-person session since the global outbreak of COVID-19. It was also one of the longest WGIII sessions, covering a broad range of topics.
OECD releases model rules and technical guidance for countries to implement a global minimum tax
In December, the OECD released model Global Anti-Base Erosion Rules (GloBE) rules for countries to implement a global minimum tax and for companies to adhere to. It subsequently published detailed technical guidance on these model rules in the form of a commentary and examples.
Intergovernmental Working Group continues work to develop a draft Convention on the Right to Development
The UN Convention on the Right to Development is a multilateral framework currently being negotiated by the UN General Assembly Human Rights Council and drafted by a tasked drafting committee. It stems from the 1986 UN Declaration on the Right to Development, which establishes development as a right and puts people at the centre of the development process.
OECD Conference on Investment Treaties and Climate Change Policy
On May 10, 2022, the OECD held its seventh Annual Investment Treaty Conference on the nexus of investment treaties and climate change policy. The event took place following unprecedented warnings by the Intergovernmental Panel on Climate Change about the problematic role played by investment treaties as an obstacle to climate action.
World Investment for Development Alliance launches at the World Economic Forum Annual Meeting
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UNCITRAL WGIII continues work on ISDS reform ahead of the 43rd formal session in September 2022
Draft code of conduct for legal decision-makers still under discussion In accordance with its work plan, UNCITRAL WGIII is continuing to make progress on ISDS reform. At its 42nd session, […]
Key Questions Remain as Governments Announce “Agreement in Principle” for Modernized Energy Charter Treaty
After a lengthy negotiation process, Contracting Parties at the June 24 meeting of the Energy Charter Conference reached an agreement in principle to modernize the Energy Charter Treaty (ECT)—an outdated investment treaty that protects fossil fuel investors at the expense of critical climate action.
The new Work Programme on the Future of Investment Treaties at the OECD
Following discussions at the Freedom of Investment Roundtable in 2021, the OECD has launched a new Work Programme on the Future of Investment Treaties.