The Role of Transparency and Public Participation in UNCITRAL's Approach to ISDS Reform

Abstract

Tables of Content 1. Introduction 1.1 My Initial Frustration with the Lack of Transparency in ISDS 1.2 UNCITRAL and the Call for Reform 1.3 Research Questions and Methodology 2: The Landscape of ISDS and Concerns for Reform 2.1 The Rise of ISDS and its Underlying Principles 2.2 Criticisms of the ISDS System 2.3 The Call for Reform: Transparency and Public Participation as Key Themes 2.4 Alternative Dispute Settlement Mechanisms 3. Permanent Investment Courts with Established Procedures and Appellate Review 3.1 The UNCITRAL Working Group on Investor-State Dispute Settlement 3.2 Transparency Measures in UNCITRAL's Reform Proposals 3.3 Public Participation in the ISDS Reform Process and Future ISDS 4: Evaluating UNCITRAL's Reform Efforts and Looking Ahead 4.1 Assessing the Progress Made by UNCITRAL 4.2 The Future of ISDS: Remaining Challenges and Opportunities

5: Recommendations and Areas for Further Research 5.1 Recommendations for Enhancing Transparency and Public Participation in ISDS 5.2 Areas for Further Research 6. Conclusion 1. Introduction For a considerable amount of time, the Investor-State Dispute Settlement (ISDS) mechanism has been an essential component of international investment law. This mechanism offers foreign investors the opportunity to bring their disputes to arbitration in the event that host states are accused of violating investment treaties. The International Company Dispute Settlement (ISDS) system, on the other hand, has been subjected to increasing criticism over the years for its lack of transparency, accountability, and public participation. This has led to issues regarding the legality and effectiveness of the ISDS system in settling investment conflicts. As a direct reaction to these concerns, the United Nations Commission on International Trade Law (UNCITRAL)1 has begun the process of reforming the International System for Dispute Settlement (ISDS) system. The primary focus of this reform is to increase transparency and encourage greater public Conclusion: When it comes to resolving the complexities and issues that are inherent in the international investment landscape, the role that transparency and public involvement play in the approach that UNCITRAL takes to ISDS reform is of the utmost importance. We have spent the entirety of this dissertation delving into the complex web of issues that surround openness and public engagement within the framework of UNCITRAL's reform activities.118 We have investigated the relevance of these difficulties, as well as their ramifications and prospective routes for development. As the major legal organisation within the United Nations system that is responsible for the harmonisation and modernization of international trade law, the United Nations Commission on International Trade Law (UNCITRAL) plays a vital role in setting the trajectory of the International System for Dispute Settlement (ISDS) reform119. Due to the growing dissatisfaction and calls for change within the international community, the United Nations Commission on International Trade Law (UNCITRAL) has begun the process of reforming the International System for the Settlement of Disputes (ISDS), with a special emphasis on enhancing transparency and encouraging greater public engagement.120 Increased access to information, the introduction of public registries, and livestreaming of hearings are all examples of transparency measures that have been advocated by the United Nations Commission on International Trade Law (UNCITRAL). These initiatives hold potential in terms of enhancing accountability, legitimacy, and public trust in the International System for Dispute Settlement (ISDS). These initiatives intend to address long-standing issues regarding fairness, impartiality, and procedural justice by shining light on the frequently opaque and private character of the processes that are conducted by the International Dispute Settlement (ISDS). The efforts that the United Nations Commission on International Trade Law (UNCITRAL) is making to encourage public participation in International Settlements for Disputes (ISDS) procedures through mechanisms such as amicus curiae submissions and stakeholder engagements are a significant step towards democratising the arbitration process121. In order to guarantee that the reform process is inclusive, transparent, and reflective of the interests and viewpoints of all parties that are affected, the United Nations Commission on International Trade Law (UNCITRAL) ensures that it provides opportunities for input and comment from a varied range of stakeholders. The path towards substantial reform, on the other hand, is beset with difficulties and impediments122. The United Nations Commission on International Trade Law (UNCITRAL) and other stakeholders involved in the reform process face a number of significant issues, including the need to strike a balance between the requirement to safeguard confidential information and the need for transparency, the need to address resource limits, and the need to ensure fair involvement from all parties. When we consider the future, it is of the utmost importance that the United Nations Commission on International Trade Law (UNCITRAL) maintains its dedication to the values of transparency, accountability, and inclusivity in its efforts to reform the International System123 of Dispute Settlement (ISDS). A new paradigm for international investment law is something that the United Nations Commission on International Trade Law (UNCITRAL) has the chance to build via ongoing debate, collaboration, and innovation. This new paradigm would prioritise the interests of all stakeholders, promote sustainable development, and safeguard the values of justice and fairness. In conclusion, the role that transparency and public engagement play in the approach that UNCITRAL takes to ISDS reform is extremely important in the process of developing an international investment system that is more egalitarian, transparent, and ultimately more effective. The United Nations Commission on International Trade Law (UNCITRAL) has the ability to lead the path for a more positive and inclusive future for international investment law by embracing transparency, encouraging public participation, and addressing the problems associated with reform.