The first paper proposes establishment of a permanent multilateral investment court with an appeal system and full-time adjudicators.
The EU claims its proposal would enhance predictability and consistency of decisions and ensure their correctness, eliminate ethical concerns of the current system and effectively address the issues of excessive costs and duration, according to the commission’s press release.
The second paper proposes a work plan for the U.N. Working Group under the U.N. Commission on International Trade Law (UNCITRAL), which has been tasked with examining ISDS reform, the EU said.
“The EU papers are a contribution to a multilateral discussion on ISDS reform with broad and inclusive participation of all countries and stakeholders,” the press release says.
Proposals by the EU and outside countries will be discussed at the next meeting of the Working Group April 1 to 5.