The proposed OCI-ISDS mechanism is an important step in modern ISDS reform and reflects some recent developments in this area (cf. B the investment agreements concluded by the European Union, which provide for a two-tier mechanism composed of members appointed by the parties). However, this mechanism severely limits access to OIC investment arbitration procedures and will likely deter investors from availing themselves of the OIC investment agreement. On the one hand, comprehensive local remedial measures and the implementation of the interstate settlement procedure may be too long an exercise for most investors. On the other hand, an investor`s request to argue a refusal of justice could lead to an insurmountable bridge for most claims. The proposed dispute resolution body is not the only example of the OIC`s recent efforts to reform international dispute settlement mechanisms between OIC member states. The OIC is also in the process of setting up the OIC Arbitration Centre in Istanbul, which will deal with trade arbitrations between the entities of the OIC member states. The ICO Arbitration Centre should also manage investment applications that do not arise from the OIC investment agreement, for example in the context. B bilateral investment agreements between OIC member states, which can refer to the Centre as a potential forum. The OIC Investment Agreement, adopted in 1981 and entered into force in 1988, is an international agreement on investments of the older generation. The treaty, signed by 36 OIC member states and ratified by 29, provides for several classic investment protection measures, such as the nation`s ban on illegal expropriation, protection and security, and the nation`s most favoured treatment.
It also includes an ad hoc provision for investor-state arbitration (Article 17), which “is set up for a dispute resolution body arising from the agreement.” Article 1, paragraph 5 of the OIC Investment Agreement defines an investment as follows: UNCTAD`s work programme on International Investment Agreements (IAA) actively supports policy makers, government officials and other IIA stakeholders in the IIA reform to make them more conducive to sustainable development and inclusive growth. International investment rules are established at bilateral, regional, inter-regional and multilateral levels. It requires policy makers, negotiators, civil society and other stakeholders to be well informed about foreign direct investment, international investment agreements (AI) and their effects on sustainable development. Key objectives of UNCTAD`s IIA work programme – Reform of the International Investment Agreements (IIA) regime to improve the dimension of sustainable development; A comprehensive analysis of key issues arising from the complexity of the international investment regime; Development of a wide range of instruments to support the development of a more balanced international investment policy. IiA Mapping Project The IIA Mapping Project is a cooperative initiative between UNCTAD and universities around the world to represent the content of II A. The resulting database serves as a tool to understand trends in CEW development, assess the prevalence of different policy approaches, and identify examples of contracts. The Mapping of IIA Content allows you to browse the results of the project (the page will be regularly updated as new results become available). Please quote: UNCTAD, Mapping of IIA Content, available investmentpolicy.unctad.org/international-investment-agreements/iia-mapping More information: Mapping Project page Project Description – Methodology document “a) If both parties fail to reach an agreement because of their conciliation procedure or if the conciliator is unable to produce his report within the prescribed time frame or if both parties do not agree to the proposed solutions, each party has the right to go to the court.