Investor Presentaiton
177
Arbitration
and domestic
courts
of national courts including (limited) review of
arbitral awards at the seat of arbitration and in the
course of the enforcement procedure in the
country where enforcement is sought.
In non-ICSID Convention arbitration the
place of arbitration plays a significant role, as the
law of the place of arbitration specifies the extent
of judicial assistance available to arbitration and
the standards for set-aside of the arbitral award.
Furthermore, arbitration in a State that is Party to
the New York Convention on the Recognition
and Enforcement of Arbitral Awards means that
resulting awards are enforceable in any other
New York Convention signatory State.
Regional arbitration. In addition to
strongholds of arbitration such as London,
Stockholm, and Paris, regional arbitration
centres, such as the Cairo Regional Centre or the
Kuala Lumpur Centre, are also available venues
to hear and arbitrate ISDS cases. Providing
investors with the option to refer disputes to
national or regional arbitration centres is likely to
lower the costs of the arbitration and also
strengthen capacity in those regions to deal with
international law commitments.
As a condition of access to international
arbitration, an IIA may oblige investors to pursue
local remedies in the host State. Broader policy
considerations underlying this option include
reinforcing the rule of law in the host State,
improving the domestic judicial system, and
encouraging the stronger involvement of the host
UNCTAD Series on International Investment Agreements IIView entire presentation