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The United Nations Convention On Transparency In Treaty-Based Investor-State Arbitration Enters Into Force Today

The United Nations Convention in Transparency in Treaty-based Investor-State Arbitration (“The Mauritius Convention on Transparency”) will enter into force today, 18 October 2017. The Convention has to date been ratified by Canada, Mauritius and Switzerland. None of the ratifying States made reservations and, as a result, the Transparency Rules are now part of the investor-State dispute settlement regime created by investment treaties concluded by those three States. Consequently, the Transparency Rules will apply to investor-State disputes arising under investment treaties concluded by those States before April 2014 in accordance with the conditions set forth in the Transparency Convention and the relevant investment treaties.

The Mauritius Convention on Transparency aims to provide States and regional economic integration organizations with an efficient mechanism that extends the scope of the UNCITRAL Rules on Transparency in Treaty-based investor-State Arbitration (“Rules on Transparency”) to investment treaties concluded before the Rules entered into force on 1 April 2014. The Rules on Transparency provide procedural rules that ensure transparency and public accessibility to treaty-based investor-State arbitration, the proceedings of which have traditionally been conducted behind closed doors. Together with the Rules on Transparency, the Mauritius Convention on Transparency takes into account both the public interest in such arbitrations and disputing parties' interest in achieving a fair and efficient resolution of their disputes. It is expected that the Convention will significantly contribute to enhancing transparency in investor-State dispute resolutions.

The Convention has been signed by Australia, Belgium, Benin, Cameroon, Congo, Finland, France, Gabon, Gambia, Germany, Iraq, Italy, Luxembourg, Madagascar, Netherlands, Sweden, Syria, United Kingdom and the United States.

Distributed by APO Group on behalf of United Nations Information Service Vienna (UNIS).

Source: www.cnbcafrica.com

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