Photo: European Union
On 20 March, the Council adopted the negotiating directives authorising the Commission to negotiate, on behalf of the EU, a convention establishing a multilateral court for the settlement of investment disputes. The Council also decided to make the negotiating directives public.
The overall objective for creating a multilateral investment court (MIC) is to set up a permanent body to settle investment disputes. This multilateral investment court would adjudicate disputes under future and existing investment treaties. For the EU, the MIC would eventually replace the bilateral investment court systemsincluded in EU trade and investment agreements.
The initiative is part of the EU's new approach to investment dispute resolution, moving away from the traditional arbitration framework towards a court system. It aims at responding to some of the legitimate public concerns raised in the context of the traditional investor-to-state dispute settlement, by bringing key features of domestic and international courts to investment arbitration.
Read the full press release here.
Visit the meeting the page on the website of the Council of the European Union.