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At 2 am on Saturday morning, the day after the 10th Conference of the States Parties to the UN Convention against Corruption (UNCAC) was meant to end in Atlanta, exhausted negotiators finally adopted a resolution on “ Promoting transparency and integrity in public procurement in support of the 2030 Agenda for Sustainable Development ”.
Early this year, the European Union (“EU”) finalized the required internal procedures for the entry into force of the Sustainable Investment Facilitation Agreement concluded between the European Union and the Republic of Angola on 18 November 2022 (“SIFA” or the “Agreement”).
This includes both investment treaty negotiations as well as investor-state dispute settlement (ISDS) practices. In view of these developments, this blog post intends to analyze the feasibility of multilateral investment treaty (MIT) negotiations. What Are the Challenges in Negotiating MIT?
Nevertheless, a growing number of arbitrations revolve around matters like environmental permits, green incentives, the need for a “social license,” and corruption. Sustainable development requires resources, which foreign states can access through foreign investment. At least not explicitly. IBA Report, p.
Sustainability Focus: Many social value frameworks incorporate environmental sustainability, such as reducing carbon footprints or promoting green practices through supply chains. It also aligns with global goals like reducing greenhouse gas emissions and promoting sustainable development.
This is because there is still a need to supply conventional energy to ensure energy affordability, security, and sustainability of supply while the energy transition occurs. This contrasts with a more conciliatory approach leading to negotiated outcomes that had previously prevailed in Asia, as discussed further below. ICC, SIAC).
The unveiling of new Smart Sustainable Cities and Special Economic Zones, aimed at enhancing business prospects, underscores the KSA’s commitment to fostering strategic sector development and attracting high-quality investments. We look forward to attending the SCCA24 Conference !
Blockchain’s touted tamper-proofness and potential to enable smart contracts are driving initiatives that seek to create automated ‘trust in trustless environments’ for public sector use cases , in particular concerning activities highly-exposed to corruption risks and/or the automation of administrative procedures devoid of discretion.
Public sector procurement incorporates social value concerns like environmental sustainability and the encouragement of local economic growth in addition to guaranteeing the best outcomes in terms of products and services. It is a time-consuming and bureaucratic process with strict timelines and documentation requirements.
While the Investment Protocol and the Model BIT deal with different subjects, they both aim to promote investment and trade in Africa without compromising African states’ abilities to implement necessary national policies and achieve their sustainable development goals. Similarly, Article 46.1
Current Challenges in ISDS Kenneth Beale addressed the developments around sustainability, climate change and the Energy Charter Treaty with respect to ISDS. Considering the ongoing negotiations of other investment and trade instruments globally, these instances can provide a roadmap to other economies looking to attract investments.
Ethical procurement refers to the consideration of a wide range of issues relating to the ethical and sustainability goals of an organisation. Bribery This involves special consideration or support for certain candidates during contract negotiation or supplier evaluation in return for illicit payments or other incentives.
Clients see value in AI replacing routine tasks but are skeptical of using it in high-level work, such as in M&A negotiations. Kuantyrov enumerated a few challenges that emerging economies such as Kazakhstan face when negotiating BITs with big economic players in relation to leverage and experience.
Equally, companies are hungry for new technologies that can help them achieve sustainability. Rodrigo Bahia explained these put them ‘in line’ with the principles of the rest of the industry internationally which supports levelling the playing field for negotiations, even though the templates still present important concerns.
It took 16 years of negotiations for India and the European Free Trade Association (“EFTA”)—comprising Switzerland, Norway, Iceland, and Liechtenstein—to clinch a free trade agreement (“FTA”). The newly minted FTA is expected to boost the extant levels of trade between the two countries. Moreover, footnote 7 to Article 7.1(3)(a)
At the appeal stage, the Portuguese State successfully sustained that the COVID-19 pandemic should have been considered a force majeure event under the Concession Agreement and that the arbitral tribunal should therefore have excluded the applicability of the change in circumstances institute.
It will need a multi-faceted approach involving global cooperation, innovative technologies, adaptable dispute resolution mechanisms, and sustainable policies. The panel amplified the facets of the climate crisis and the complexity of finding adequate responses to combat the crisis. All are available to watch in full here.
08/L-209 on Sustainable Investments (hereinafter, the “2024 Law on Sustainable Investments”). Significant changes to the protection of foreign investors and their investments were introduced with the 2024 Law on Sustainable Investments which entered into force in September 2024. Kosovo Law No.
Department of State), Margie-Lys Jaime (Legal Adviser, Office of Investment Arbitration, Ministry of Economy and Finance, Republic of Panama), Ladan Mehranvar (Senior Legal Researcher, Columbia Center on Sustainable Investment (“CCSI”)) and Marie-Claire Argac (Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP). Mr. Bigge and Ms.
“ The event brought together leading experts to discuss the intersection of investment law and the global shift towards sustainable energy. On 6 June 2024, Hogan Lovells and Twenty Essex co-hosted a London International Disputes Week (“LIDW”) event on the topic “ How Can Investment Protection Contribute to the Energy Transition?
In October 2023, the European Commission published a Non-Paper of Annotations to Model Clauses for Negotiation or Re-negotiation of Member States’ Bilateral Investment Treaties (“BITs”) with Third Countries (“Model Clauses”) (“Non-Paper”).
These model clauses aim to serve as guidance for EU Member States when they negotiate (or renegotiate) their BITs with third countries (extra-EU BITs). This might reflect, as they argued, some sort of recognition that the EU Member States ‘need flexibility when negotiating ISDS’ under extra-EU BITs.
In December 2016, the AU passed the Pan African Investment Code (“PAIC”) —the first continent-wide model investment treaty—to promote sustainable development and “achieve overall balance of the rights and obligations between Member States and the investors under the Code.” The cited document is the January 2023 draft version of the Protocol.
The European Commission released a “non-paper” with model clauses for negotiation or re-negotiation of IIAs between Member States and third countries. Second, the issue of amicus submissions in the context of alleged corruption assumed particular significance in 2023, especially compared with prior years.
She also referred to the recently signed EU-Angola Sustainable Investment Facilitation Agreement, which has a different approach by focusing on dispute prevention and investment facilitation rather than investment protection and arbitration.
This is, in the words of Italy’s diplomacy , “to have secure, stable and predictable supplies at competitive prices for households and businesses, without failing to meet the binding commitment to long-term sustainability…” under the Paris Agreement.
21 (f) TEU requires that the EUs actions on the international plane shall help develop international measures to preserve and improve the quality of the environment and the sustainable management of global natural resources, in order to ensure sustainable development. More specifically, Art. Violation of Art.
Since 2016, Mongolia has been working to establish a new model BIT to guide the negotiation of new BITs and the renegotiation of existing BITs. While some provisions address investor concerns, the mandatory negotiation period and the resolution council may add layers of complexities.
Mediation is facilitated negotiation. The operative process the negotiation – is between the parties. Mediation must be added to arbitration as a vital, first-step tool to achieve the goal of sustainable reconstruction. Mediation empowers each party to find its own solution.
The Claimant had argued that the failure of Romania to adopt a Draft Law that was prepared following negotiations of the parties violated the BITs. In particular, the majority did not find any abuse of process or other wrongful conduct on the part of Romania in dealing with the permit issue.
the first KAB post on ISDS reform in the year, explored the feasibility of negotiating a multilateral investment treaty in todays global landscape, exploring both the opportunities and challenges involved. Multilateral Instrument on ISDS Reform 2024 also marked the drafting of a multilateral instrument on ISDS reform. 9/WG.III/WP.246),
However, as the pervasive abuses of direct awards under the emergency conditions generated by the covid pandemic evidenced in virtually all jurisdictions, dispensing with those requirements, checks and balances comes with a very high price tag for taxpayers in terms of corruption, favouritism, and wastage of public funds.
I joined the Secretariat in 2021 during the then-ongoing negotiations to modernise the ECT. A significant focus in the negotiations on the modernisation of the ECT was dedicated to the economic activities, as well as energy materials and products covered by the Treaty. How has your experience been so far?
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