Abstract
This paper presents and analyzes the concept of transparency in investment arbitration, recognized by the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration and Mauritius Convention on Transparency in Treaty-based Investor-State Arbitration in the perspective of democratic principles of public participation, legitimacy and accountability. It holds that, transparency of investment arbitration endorsed by these documents constitutes a next step in the process of democratizing investment arbitration, contributes to the increase of democratic principles and cures the alleged democratic deficit of Investor— State arbitration.
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