The EU Trade Commissioner has today announced the long-awaited draft negotiation text for the investment protection regime in the Transatlantic Trade and Investment Partnership (TTIP).
In a significant move they have pressed ahead with proposals for a new Investment Court System which sets out to replace arbitrators with publicly appointed judges and introduce an appeals mechanism for disputes. This follows the highly politicised debate surrounding the inclusion of investor-to-state dispute settlement (ISDS) in TTIP.
CIArb Director General Anthony Abrahams said: “We have serious concerns about EU proposals announced today. Whilst increased transparency is to be welcomed, the autonomy of any new Court and who exactly will be footing the bill remain unclear.”
“The unprecedented debate about the inclusion of ISDS in TTIP has brought huge pressures on EU policymakers. Now is not the time to rush through proposals that will have significant impact on the international investment protection regime in the years ahead.”
“Europe is a global centre for private disputeresolution, it is disappointing that the EU has cast aspersions on so called ‘private justice.’ It is critical that ISDS does not become lumped together in the public consciousness with other forms of ADR, it is a special form very distinct from the likes of international commercial arbitration.”