Abstract
The reform of Investor-State Dispute Settlement (hereafter "ISDS") is a bellwether for the reform of the international investment dispute settlement mechanism, this paper about the ISDS mechanism reform finds the root cause of ISDS mechanism reform comes from the national sovereignty and the interests of the investors under the conflict of "crisis of legitimacy” Based on the" legitimacy" crisis, the ISDS mechanism has many problems. In this context, countries have started to reform the ISDS mechanism in order to solve the corresponding problems. These reform measures have three typical trends, Facing the three trends of ISDS mechanism reform, Chinese scholars put forward countermeasures from various angles, but fundamentally China should recognize its own position in international investment, be realistic and adopt a flexible way to deal with ISDS mechanism reform, and try best to contribute to ISDS mechanism reform.
Highlights
The reform of Investor-State Dispute Settlement is a bellwether for the reform of the international investment dispute settlement mechanism, this paper about the ISDS mechanism reform finds the root cause of ISDS mechanism reform comes from the national sovereignty and the interests of the investors under the conflict of "crisis of legitimacy” Based on the" legitimacy" crisis, the ISDS mechanism has many problems
On the issue of arbitration transparency, The United Nations Commission on International Trade Law (UNCITRAL) adopted the Rules on Transparency of Invested-State Treaty-based Arbitration on July 11, 2013.In addition, the Trans-Atlantic Trade and Investment Partnership agreement (TTIP) promoted by EU and its members, the 2012 BIT model of the United States and the Trans-Pacific Relations Agreement (TPP) promoted by the United States show that the ISDS reform carried out by EU and the United States represents two different but extremely important directions in the reform of ISDS mechanism
The reform measures adopted by the us and Japan for ISDS mechanism are mainly reflected in the us 2012BIT model, trans-pacific partnership agreement (TPP) and comprehensive and progressive trans-pacific partnership agreement (CPTPP).These files are all pay attention to the detailed rules for the ISDS arbitration clause, emphasize to submit to arbitration, the rights and obligations of both sides, and the condition of the choice of the arbitrator shall be strict rules, compared with TPP, CPTPP allow participants to "freeze" clause and the official way further restrict ISDS mechanism to be able to submit the investment disputes arbitration
Summary
Investor-state dispute settlement exists in multilateral system represented by International Center for Settlement of Investment Disputes (ICSID), and in regional and bilateral agreements. With the development of world economy, the economy of developing countries have made great progress, the role of international investment of some countries began to shift from pure importer for exporting countries, developed countries accused cases increased, but the ISDS mechanism is increasingly inclined to protect investors and cannot be well balance the interests of the host country, incurred "crisis of legitimacy". This has become the fundamental reason for the reform of ISDS mechanism
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