Brussels, 17/03/2015 (Agence Europe) - Through the Commission on Tuesday 17 March, the EU hailed the opening for signature of the UN Convention on transparency in investor-state dispute settlement (ISDS) following the signing ceremony in Port Louis, Mauritius, the same day.
The Mauritius Convention extends application of the new UN rules on ISDS transparency adopted by the United Nations commission on international trade law (UNCITRAL) to the 3,000 existing investment agreements across the globe before the new rules came into force on 1 April 2014.
The new rules, which are applicable to all new investment agreements concluded since 1 April 2014 (in the EU, the Commission has built them into the investment agreements made with Singapore and Canada), guaranteeing public access to documents relating to ISDS cases and the opening of hearings to the public. They also allow stakeholders to make representation to proceedings.
The Mauritius Convention, drafted by a special UN group made up of representatives of a large number of countries which have concluded agreements which include ISDS clauses, was adopted by the UN General Assembly on 10 December 2014.
For the EU, formal accession to the Mauritius Convention will mean effective application of these rules to the 1,400 investment treaties concluded by EU member states before the Lisbon Treaty came into force and also to the Energy Charter, to which the EU has been party since 1998.
At the end of January, the Commission tabled a proposal allowing the EU to sign this text, which is now open for signature at UN headquarters in New York. (Emmanuel Hagry)