In thinking of ways to strengthen the ICSID, it would be helpful to consider the World Trade Organization s dispute settlement mechanism (DSM), which enjoys a remarkably strong compliance record.

The ICSID and its jurisprudence thus became a central part of international investment law and policy.

But, most important, the ICSID would greatly benefit from the level of institutional support that the DSM has at the WTO.

International investment disputes arising from investment agreements are on the rise, at times involving tens of millions of dollars.

Yet the World Bank s attitude toward the ICSID remained ambivalent.

The G77 and China were concerned about the impact of investment disputes.

Beyond the obvious availability of countervailing duties as an enforcement tool, several of the DSM s institutional characteristics, which are absent in the ICSID, help to create and sustain legitimacy.

This began to change with the rapid proliferation of bilateral investment treaties (BITs), which typically granted private investors standing before the ICSID.

The growing trend towards South South investment flows would also lead to an increase in South South investment disputes.

At the heart of the current system of investment protection is the World Bank, which created the International Center for Settlement of Investment Disputes (ICSID) in 1966 in response to requests for arbitration by the Bank s president.

It was indicated that there were remedies and techniques that developing countries could use to avoid investment disputes, with the need for definitions of investments in BITs being stressed as an important factor.

For example, the existence of a permanent Appellate Body has led to significantly more consistent and predictable jurisprudence. But, most important, the ICSID would greatly benefit from the level of institutional support that the DSM has at the WTO.

The speaker also expressed concern about the increase in the number of international investment disputes arising from investment agreements, and said that further analysis of this phenomenon and its implications for development was needed.

Reinforcing the ICSID is one of the biggest current challenges facing the World Bank and the international community.

A perceived lack of enforceability weakens compliance with investment treaties and rewards repeat offenders, such as Argentina, which has appeared in more ICSID cases than any other state.

Member of the New Zealand National Group of the Permanent Court of Arbitration (1985 ) and the panel of arbitrators of the International Centre for the Settlement of Investment Disputes (1994 ).

A. Seabed Disputes Chamber

Chamber for Fisheries Disputes

Chamber for Marine Environment Disputes

In addition, there are at least 54 cases (cumulative) outside ICSID, as compared to two at the end of 1994.

That is why, for domestic debt disputes, countries have bankruptcy laws and courts. But there is no such mechanism to adjudicate international debt disputes.

J. Matters relating to the Seabed Disputes Chamber

Moreover, the devaluation of the reputational benefit of being a party to the ICSID encourages countries to leave the system, as Bolivia, Ecuador, and Venezuela have recently done.

Noting with appreciation the work done by the Special Committee to encourage States to focus on the need to prevent and to settle peacefully their disputes which are likely to endanger the maintenance of international peace and security,

Noting with appreciation the work done by the Special Committee to encourage States to focus on the need to prevent and to settle peacefully their disputes which are likely to endanger the maintenance of international peace and security,

Noting with appreciation the work done by the Special Committee to encourage States to focus on the need to prevent and to settle peacefully their disputes which are likely to endanger the maintenance of international peace and security,

But there is no such mechanism to adjudicate international debt disputes.

The cumulative number of treaty based cases brought before the World Bank Group's International Centre for Settlement of Investment Disputes (ICSID) rose from three at year end 1994 to 106 in November 2004.

The US cannot reach a trade agreement or settle anti trust cases without the approval of the EU Commission.

Debt restructurings often entail conflicts among different claimants.

That is why, for domestic debt disputes, countries have bankruptcy laws and courts.

At the eighteenth session, the matter was referred to the Seabed Disputes Chamber.

2. Reaffirms the duty of all States, in accordance with the principles of the Charter, to use peaceful means to settle any dispute to which they are parties and the continuance of which is likely to endanger the maintenance of international peace and security, and encourages States to settle their disputes as early as possible

This internal fissure was a non issue during the World Bank s first decades, when the ICSID itself was a non factor, with only 38 registered cases between 1966 and 1996.

Institutional conflicts and jealousies may arise that can hamper any long term gain for women.

In addition to generating routine reports for funding, investment decisions, currency trading, payment investigations and facilitating accounts reconciliation, further high level reporting is being requested by management.

The Agreement on Trade Related Investment Measures (TRIMs) are rules that apply to the domestic regulations a country applies to foreign investors, often as part of an industrial policy.

There have been several WTO dispute settlement cases on services. Two cases are particularly crucial, as they relate exclusively to the GATS.

For the moment, the only country that has taken real action is the United States, which last year suspended its trade preference scheme with Argentina, owing to the country s failure to pay ICSID adjudicated awards to two US companies.

Normalizing tracks

Settlement of disputes

Settlement of disputes

Settlement of disputes

Under what conditions can one reasonably hope to restart a multilateral agreement on investment? To be viable, such an agreement must recognize the legitimate need for some regulation.

Pacific settlement of disputes