The Position of Transparency in the Recent Developments of Arbitration Based on Investment Treaties

Document Type : Scientific research

Authors

Moein Foroughi ¹

Hamid Reza Nikbakht ²

¹ PhD student in international Trade and investment law, Faculty of law, University of Shahid Beheshti , Tehran

² professor at Shahid Beheshti University

https://doi.org/10.22067/economlaw.2023.74761.1138

Abstract

Today, the arbitration regime for dispute settlement based on international investment treaties faces many challenges. One of the most obvious concerns is the lack of transparency in this regime, which has become the subject of differences in theories in recent years. This issue is so serious in some theories that it points the inherent principles of confidentiality and privacy of arbitration, and on the other hand, it has undermined the stability, reliability and predictability of international investment arbitration, and ultimately challenges the legitimacy of this system.
In recent years transparance has been put under scrutinies by different relevant authorities to be rectified and improved. This article focuses on the Investor-State arbitration, while examining the various forms of transparency in the international investment arbitration process, and evaluates the latest developments regarding transparency in arbitration based on investment treaties. Then, by examining the potential risks of transparency and its ultimate goals, it proposes a series of strategies to adapt the process of procedural transparency reforms to achieve its goals. These solutions should be considered gradually in this kind of arbitration in order to clarify the continuity and persistence of transparency in international investment arbitration proceedings and, at the same time, maintain privacy and confidentiality advantage in arbitration.

Keywords

Transparency

Confidentiality

Investment Agreements

International Investment Arbitration

Transparency Risks

Public Interest

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©2023 The author(s). This is an open access article distributed under Creative Commons Attribution 4.0 International License (CC BY 4.0)

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