Abstract
International Centre for Settlement of Investment Disputes (ICSID) has been set as an authoritative forum for investment dispute resolution. But lately it’s been perceived as dealing with legitimacy crisis. At the same time, within the framework of TTIP negotiations, the European Commission has proposed the formation of International Investment Court. It is still uncertain whether this proposal is going to be adopted and implemented, but among its anticipated effects is the replacement of investor-to-state dispute settlement system, which is reflected in ICSID. This paper explores the uniqueness of ICSID by focusing on a particular part of procedure: the annulment. The analysis demonstrates that the annulment procedure raises significant legal and political issues, which have the potential to undermine social legitimacy of the system as a whole. The aim of this paper is to look into the possibility to place the International Investment Court as a mode to overcome those issues, both legal and political ones.
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