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Beyond ICSID Arbitration: The Center for Settlement of Investment Disputes of UNASUR

Rodrigo Polanco Lazo

From: Investment Claims (http://oxia.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved. date: 21 February 2024

Investment — Conflict of laws — UNCITRAL Arbitration Rules — Claims — Confidentiality — Recognition and enforcement — Annulment — Corruption of arbitrator

This chapter focuses on the proposal currently under study at the Union of South American (UNASUR). The proposal suggests a regional center for the settlement of investment disputes as an alternative to International Centre for Settlement of Investment Disputes (ICSID) that would include not only investor-state arbitration but also state-to-state arbitration, advisory jurisdiction, the promotion of alternative dispute resolution (ADR) mechanisms, and eventually an appeal facility. It examines some questions arising from this proposal: Is this a reaction against ICSID Arbitration Rules or to the institution as such? Is this proposal a response against the ISDS system as a whole or an expression of a return to the Calvo doctrine? Examining the available documents of the proposal, the chapter concludes that there are significant similarities between the ICSID Arbitration Rules and the ones currently proposed by UNASUR.

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