On Wednesday 7 March, the ambassadors of EU member states (Coreper) approved the negotiating mandate proposed by the European Commission for negotiating with other third countries with a view to creating a multilateral court for dispute settlement in relation to investment, as well as publication of the mandate. The final go-ahead at ministerial level is expected later in March.
On the basis of an initiative with the Canadian government since 2016 (see EUROPE 11687), the Commission adopted, in September 2017, a recommendation to the Council for opening talks with a view to creating the Multilateral Investment Court (MIC) under the auspices of the United Nations Commission on International Trade Law (UNCITRAL) and on the basis of the new model of arbitration for investor/states disputes – the Investment Court System (ICS) – set out in the EU/Canada and EU/Vietnam free trade agreements. The Commission wishes to include this in all free trade agreements that it is negotiating which comprise a chapter on investment (see EUROPE 11962).
The ultimate aim of the Euro-Canadian proposal is to create a single permanent body responsible for dispute arbitration in relation to investment, and to move away from the ad hoc system of dispute settlement between investors and states, the ISDS, currently included in 3200 bilateral treaties on investment throughout the world, including 1400 that concern the EU member states. (Original version in French by Emmanuel Hagry)