investors and investments entitled to this mechanism, and conditions for submission of claims including time limits. For example, Section 3, Chapter 8 of the EVFTA includes key provisions of the new InvestmentCourtSystem, designed recently by the European Union ( EU ) to replace all investment dispute
an InvestmentCourtSystem for CETA and TTIP Lead to Enforceable Awards?—The Limits of Modifying the ICSID Convention and the Nature of Investment Arbitration, (2016)19–4 Journal of International Economic Law , 761–786; Freya Baetens, The European Union’s Proposed InvestmentCourtSystem: Addressing
some form of ISDS exists, but only if there is a systemic overhaul to many of the features that are central to how ISDS currently operates. The EU’s proposal for a multilateral court of first instance and appellate review is a key example, and is virtually identical to the investmentcourtsystem
investmentcourtsystem, as opposed to traditional investor-state arbitration, that exemplified by its recent commitment to the establishment of a multilateral investment court. 38 Arguably, the the EU -Japan Economic Partnership Agreement ( EPA ) is becoming a testing ground for future EU trade and
submissions leading to a substantial shift in EU investment policy as articulated in the 2015 ‘Trade for All’-policy and the subsequent investmentcourtsystem proposed under the TTIP and its adoption in the CETA and the EU–Vietnam FTA. Some commentators argue that the concerns raised in the public
prospect. In the meantime, however, the EU has included a permanent bilateral investmentcourtsystem in its most recent investment and free trade agreements, including the Comprehensive Economic and Trade Agreement between the EU and Canada ( CETA ), 80 the EU-Singapore Free Trade Agreement ( FTA ) 81
the alleged legitimacy concerns facing ISDS .
5 The EU first referred to the ITS as an “investmentcourtsystem” ( ICS ) in its TTIP Proposal, supra note 1. The recently concluded EU-Singapore FTA also refers to the ITS as the ICS .
6 CETA , Art. 8.29; EU-Vietnam FTA , Art. 15. On
labor cases: a new international labor rights regime takes shape , 3 United States – Mexico Law Journal (1995) 159.
30 On procedural enforcement of the rights of foreign investors in eu fta s, see F Baetens, The European Union’s proposed investmentcourtsystem: addressing criticisms of
98 Waldron (n 86) 15.
99 European Commission Press Release, ‘Commission Proposes New InvestmentCourtSystem for TTIP and Their EU Trade and Investment Negotiations’ (Brussels, 16 September 2015) < http://europa.eu/rapid/press-release_IP-15-5651_en.htm > accessed 1 March 2016.
withdrawal of eu Member States. Another consequence is that contracting parties may prefer to conclude agreements based on exclusive competence only, to avoid complications. The forthcoming Opinion 1/17 on the compatibility of the InvestmentCourtSystem provided for in
will provide a clearer