The 2022 ICSID Arbitration Rules: Modernizing International Investment Dispute Resolution

Abstract

Abstract The new Arbitration Rules of the International Center for Settlement of Investment Disputes (ICSID), which came into force on July 1, 2022, replace the previous version in force since 2006. These rules seek to make the ICSID arbitration process more efficient and responsive, while maintaining the high standards that have made ICSID a respected forum for resolving investment disputes. The new rules reflect changes in international investment law and policy over the past decade, and also aim to address shortcomings of the previous system, such as lack of transparency and efficiency. New provisions have been introduced to simplify and speed up arbitration procedures, provide greater transparency, increase the legitimacy of arbitration processes and expand access to them. The new rules reflect the expectations of ICSID and its members for more efficient and transparent resolution of investment disputes and should facilitate the further growth of international investment and trade, as well as the resolution of disputes arising in connection with these processes.