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EEC representatives participated in discussing reform of the system for settling disputes between investors and States

EEC representatives participated in discussing reform of the system for settling disputes between investors and States

10/18/2019

The delegation of the Eurasian Economic Commission (EEC) chaired by Galiya Dzholdybaeva, Director of the Business Development Department, participated in the 38th session of the 3rd working group “Settlement of disputes between investors and States” of the UN Commission on International Trade Law (UNCITRAL). The event was held in Vienna (Republic of Austria).

Some key aspects of reforming the system for settling disputes between investors and the States as well as the sequence of addressing such directions were considered during the meeting.

Members of the UNCITRAL working group discussed possible approaches to establishing an advisory centre on international investment law. Its activities can be aimed at providing assistance to the States in legal protection in view of investment disputes with economic entities.

Besides, some issues related to establishing rules for proper ethical and procedural conduct of arbitrators in considering investment disputes were considered.

“The Treaty on the EAEU provides for the variability of the investor’s choice of jurisdiction to consider disputes related to mutual investments. This also applies to international platforms for settling investment disputes,” Galiya Dzholdybaeva noted following the discussion. “Participation of the UNCITRAL working group in the sessions gives us the opportunity to keep abreast of global trends in improving the system for settling disputes between investors and the States”.

For reference

Issues on settling investment disputes that arise between people of one EAEU State and another Union State (recipient state) are regulated by the Protocol on Trade in Services, Incorporation, Activities and Investments which is Annex No. 16 to the Treaty on the EAEU.