News from the United Nations Commission on International Trade Law (UNCITRAL) - UNCITRAL at the end of 2014

Abstract

In pursuance of its mandate and benefiting of a universal membership, the United Nations Commission on International Trade Law (UNCITRAL) is carrying out legislative-drafting as well as technical assistance activities by preparing uniform texts through a formal inter-governmental process in order to actively improve the global legal framework for the international trade and investment. At its last session in New York (7 to 18 July 2014), the Commission approved the draft convention on transparency in treaty-based investor-State arbitration. The present note also covers the activities undertaken by UNCITRAL in 2014, including working group sessions and technical assistance activities. At its 47th session in New York, the Commission finalized and approved a draft convention on transparency in treaty-based investor-State arbitration. The objective of the convention is to provide a mechanism for the application of the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration to arbitrations arising under investment treaties concluded prior to the effective date of the Rules (i.e. 1 April 2014). Disputes between a foreign investor and a State often touch on subjects of public interest, such as infrastructure development, resource extraction, and environmental standards, but the arbitrations concluded to resolve these disputes have frequently taken place outside public view. Hence, the work of UNCITRAL in the field of transparency aims at significantly balancing the parties’ interests in a fair resolution of their dispute and the public interest in the matters at stake. The convention will be submitted to the United Nations General Assembly at its forthcoming session for adoption.