In July 2013, after nearly three years of work, the United Nations Commission on International Trade Law (UNCITRAL) adopted a set of arbitration rules that will help open some investor-state arbitrations to public view. The UNCITRAL Rules on Transparency in Treaty - based Investor - State Arbitration (Transparency Rules) were crafted with input from governments, academics, arbitration practitioners, and non-governmental organizations, and approved by consensus by the member states. When applied, the Transparency Rules will require disclosure of information submitted to, and issued by, arbitral tribunals throughout proceedings, mandate open hearings and expressly allow for participation by non-parties to a dispute. The Transparency Rules also guard against disclosure of confidential information and establish a repository in which all information will be published.
Many governments offer incentives to attract foreign direct investment (FDI). For example, the renewable energy sector has benefitted from large national incentive schemes in the past decade. However, the withdrawal of such incentives can lead to investors bringing investment treaty claims against host countries. This Perspective looks at some claims host countries face from investors in the renewable energy sector and their implications.
Rafael Tamayo-Álvarez, Maria Alejandra Gonzalez-Perez, and Juan David Rodriguez-Rios
Publication Date:
06-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Free trade agreements (FTAs) and international investment agreements (IIAs) are regarded as instruments to promote world trade, investment flows and market liberalization. The question, however, is whether they promote sustainable development as well. This Perspective contemplates incorporating voluntary codes of conduct for multinational enterprises (MNEs) in IIA s to strengthen the protection of labor rights, “the social component [...] embedded in the notion of sustainable development.”
In their contribution to the FDI Perspectives series, Baiju Vasani and Anastasiya Ugale drew attention to an emerging trend in favor of the so-called “costs follow the event” (CFtE) (or loser pays) approach, which is in contrast to the more “traditional” approach under which parties share the costs of arbitration equally, with each party covering its own legal fees.
The Ukraine crisis has reminded Europeans of the importance of defence policy, thus amplifying the main message of the December 2013 European Council on security and defence. Many of the proposals put forward by the December summit are currently being worked on, but the Ukraine crisis creates additional challenges for the EU, highlighting the strategic divergence within the Union and posing fundamental questions about its role as a security provider. Regarding concrete achievements, the EU's defence ministers recently adopted a policy framework for systematic and long-term defence cooperation, and the Commission has also begun to work energetically towards achieving its key objectives in the defence sector. Ultimately, however, the success of the EU's efforts will depend on the commitment of the member states.
Tensions and difficulties have emerged again in the Middle East together with the stalled peace process, which is a great concern for the EU. The EU has established two Civilian Crisis Management missions in the Occupied Palestinian Territory as instruments of the Common Security and Defence Policy to promote the objectives of the Middle East Peace Process. Both missions, EUPOL COPPS and EUBAM Rafah, have been successful in training, advising and mentoring the Palestinian security sector to combat terror and prevent it, and to operate with the Israeli security forces to maintain order. However, the full potential of the two missions has not been utilized as instruments to promote the peace process principles in terms of emphasizing democracy and accountability as being fundamental to an independent state. It is time for the EU to link its state-building initiatives in the Occupied Palestinian Territory with a clear political position at the "high-politics” level and to translate them into reality. If the focus of these two CSDP missions is not shifted away from polishing the already smooth-functioning Palestinian security apparatus and more towards reflecting the political aims of the peace process, it begs the question of whether these missions can continue to serve as useful instruments for the EU to promote the peace process.
Finland and Sweden are increasing their bilateral defence cooperation. Officially, it is restricted to peacetime and international crisis management operation activities, but it nonetheless has national territorial defence impacts. The planned deepening of cooperation between Finland and Sweden builds on the already extensive daily cooperation between the two countries. Both Finland and Sweden see deeper cooperation as an important addition to cooperation within the EU, NATO, and NORDEFCO frameworks, as well as other significant bilateral cooperative relationships. Fruitful cooperation will require strengthening trust among military and political actors, as well as an acknowledgement of differing perspectives regarding the role of the defence industry in security and defence policy formation. Cooperation may continue to deepen as the momentum for it builds, or through a binding agreement developing into a defence alliance – Defence Alliance Finland-Sweden (DAFS).
The mantra in Brussels and all over Europe is that investment holds the key to recovery in the euro area. A central element of the new Commission's economic strategy is a proposed programme of investment of €300 billion.The emphasis on investment is not new, but has grown in strength as the euro area seems stuck in a never-ending recession.
Of all the reforms launched by this most conservative of Conservative governments, none surpass the root-and-branch restructuring of Canada's immigration polices. And what has come before does not equal what is to come. On January 1, 2015, the federal government will replace the points system used to select immigrants for nigh on 50 years with the entirely new Express Entry program.
The Lowy Institute for International Policy is an independent policy think tank. Its mandate ranges across all the dimensions of international policy debate in Australia – economic, political and strategic – and it is not limited to a particular geographic region. Its two core tasks are to: produce distinctive research and fresh policy options for Australia's international policy and to contribute to the wider international debate. promote discussion of Australia's role in the world by providing an accessible and high quality forum for discussion of Australian international relations through debates, seminars, lectures, dialogues and conferences.