Study On The Dispute Settlement Mechanism Of The Asian Infrastructure Investment Bank

Asian infrastructure investment bank(AIIB),will cause various disputes with multiple subjects during its development process as a newly established international financial institutions.Concretely speaking,it can be divided into the dispute between AIIB and its members,AIIB members and members,AIIB and capital importer side based on investment project,AIIB and private investors and AIIB and other international financial institutions,etc..It will cause a serious impact on the development of the AIIB if these disputes cannot be resolved circumspectly.However,the AIIB only make the principled provision on settlement of the disputes between AIIB and members and the disputes between members and members at present.The existing dispute settlement mechanism is still left much to be desired,such as the scope of the dispute subject is too narrow,lack of the permanent dispute settlement institution,the dispute settlement mold is single,the arbitration procedure regulation is too simple and the punishment mechanism is not clear and so on.Through to the analysis on the specific content of dispute settlement mechanism of other international financial institutions,such as the World Bank and the International Monetary Fund is typical in parties ? dispute settlement mold and arbitration.They all can provide reference experience for AIIB dispute settlement mechanism.On the basis of these theories,firstly,the AIIB should further clarify the scope of the dispute subjects,involve in the above disputes into the scope of the settlement range.Secondly,the AIIB should set a permanent dispute settlement organization to supervise and manage the settlement of the disputes,according to the situation of dispute and the actual effect of dispute settlement,to set an independent dispute settlement institution step by step.Again,AIIB should enrich the solutions to settle disputes,in view of the different nature of the disputes,provide consultation,mediation,arbitration and other dispute solutions to solve the AIIB disputes.In addition,the AIIB also need to further improve the arbitration process,including standardize the formation of the arbitration staff,select qualified arbitrators to setup arbitration tribunal,clear the various legal rules of the arbitration tribunal(such as arbitration cases,the arbitration rules of the arbitration tribunal and the voting method of the arbitration tribunal),all of these should be illustrated in detail,and improve the arbitration award review process and implementation procedure,ensure the full implementation of the arbitration.Last butnot the least,the AIIB should determine the specific punishment mechanism to punish the dispute subjects who refuse to perform their obligations and do not take the responsibilities,ensure the fairness and justice of dispute settlement.