Investor-state dispute settlement, UNCITRAL Working Group III, reform, other matters
The authors argue that UNCITRAL Working Group III, as part of its mandate for reform of the international investment regime, should consider issues at the core of the concerns about the regime's accountability and legitimacy, especially in the case of investor-state dispute settlement (ISDS). These issues include: the right of standing for affected parties, the customary duty to exhaust local remedies, the chilling effect of ISDS, and the relationship of the international investment regime to goals of sustainable development and the rule of law. Procedural reforms of ISDS are necessary but not sufficient to address these concerns.
Van Harten, Gus; Kelsey, Jane; and Schneiderman, David, "Phase 2 of the UNCITRAL ISDS Review: Why ‘Other Matters’ Really Matter" (2019). All Papers. 328.