A recent paper by ACIL researchers Stephan W. Schill and Geraldo Vidigal is one of four papers referred to by the Secretariat of UNCITRAL to base their Note on the reform of Investor-State Dispute Settlement.
A major breakthrough has emerged in global negotiations over Investor-State Dispute Settlement (ISDS). States are now actively exploring the creation not only of a multilateral investment court but of a broader multilateral instrument to reform ISDS.
The Secretariat of Working Group III of UNCITRAL (United Nations Commission on International Trade Law), which is spearheading negotiations, nominally cited selected papers in its Note to guide states in the negotiations of a Multilateral instrument on ISDS reform. One of these papers was the one presented by Stephan W. Schill and Geraldo Vidigal at a specialists' conference in Oslo in 2019, advocating for a flexible approach that would combine the establishment of a multilateral institution with the acceptance of states' specific preferences for different modes of dispute settlement.
The research, which involved an investigation of the various possibilities of institutional design that exist in international courts and tribunals, is available on SSRN and will be published in the journal Law and Practice of International Courts and Tribunals.
The reference is seen as an important step:
"International organizations only mention their sources of inspiration on select occasions and it is great to see that our research is influencing such an important debate. Substantively, we believe the establishment of a global forum where states are able to debate these issues continuously and agree on interpretations could be a major step in addressing some of the concerns expressed by civil society and governments about investment arbitration", says Vidigal.