Research On Consolidated Arbitration Of ICSID

International Centre for settlement of investment disputes (hereinafter referred to as ICSID) is the world’s first specialized arbitration organization solving the international investment disputes which based on the Washington Convention. Over the past decade, an increasing number of bilateral investment treaties and trade agreements have signed. Most BITs and FTAs include the settlement mechanism of international arbitration for investment disputes between investors and host countries. So the cases submitted to ICSID increased rapidly. Because of the defects of ICSID mechanism, legitimacy crisis of arbitration become increasingly prominent. To avoid inconsistent award resulting in the legitimacy crisis, ICSID launches the consolidated arbitration. The consolidated arbitration can both improve the efficiency of arbitration and avoid the contradictory arbitral award. Compared to international commercial arbitration, the international investment arbitration has its own particularity, so we cannot directly merge the settlement mechanism of international commercial arbitration into the ICSID arbitration system. Our country should adopt a cautious approach to sign the BITs, when ICSID launches the consolidated arbitration.we should draw useful experiences from Argentina’s crisis, in order to avoid causing irreparable damage.This paper will research on the consolidated arbitration of ICSID from four chapters:Chapter Ⅰ:It describes the meaning of consolidated arbitration, and the legislative history of consolidated arbitration in the law of the settlement of international investment disputes.1t will briefly introduce provisions about consolidated arbitration in the North American free trade agreement (NAFTA).Chapter Ⅰ:It analyses the necessary for ICSID to launch the consolidated arbitration.This problem is anglicized by two parts:first part is the consolidated arbitration can avoid the legitimacy crisis causing by the inconsistent arbitrament, the second part is the consolidated arbitration can improve the efficiency of arbitration.Chapter Ⅲ:It gives the reasonable interpretation about enable merge for ICSID launching the consolidated arbitration. Whether it affects the doctrine of autonomy of will, whether the arbitrators in the consolidated arbitration have greater discretion, whether the security of arbitration is destroyed are all needed to be considered.Chapter Ⅳ:It introduces the Countermeasures when China signs the bilateral investment treaty China should avoid sign the bilateral investment treaties bad for our development, which may cause the unnecessary disputes thereby.