Research On The Transparency Of The International Investment Arbitration

With the rapid development of the global economy and the increase of international investment,the arbitration is widely used to settle investment disputes.Confidentially and high efficiency of traditional commercial arbitration system are inherited from by the international arbitration system,in the field of international investment,secrecy principle,as a core feature of has an important role in international investment arbitration and the status that nots allow to ignore.Investment arbitration is to solve the investors and the interests dispute of the investors' home country and host country,international investment arbitration situation continuously develop,developing countries,as the main part of the host country,has been growing fast.Excessive protection of investment arbitration mechanism for the interests of the private investors and ignorance of the public interest of the host country tend to be increasingly exposed,rationality and legitimacy of its secrecy principle have been questioned,investment arbitration mechanism itself is into the legitimacy crisis.The international mainstream thinks that international investment arbitration is lack of transparency."Transparency" has become the foucus of the international community.In order to strengthen protection for the interests of the host country,and to make the international investment arbitration better adapt to the development of economy,restoring trust of international investment arbitration,and strengthening the transparency of international investment arbitration system are imperative,and a series of transparency reform are also subsequently followed.The North American Free Trade Agreement(NAFTA)first contains transparency issues and opens the door of transparency reform.The International Center for Settlement of Disputes(ICSID)is also carrying out transparency reform in international investment arbitration area.The United Nations Commission on International Trade Law(hereinafter referred to as UNCITRAL),the recently signed and publicized "Transparency Rules for Investigators and States under Treaty Treaties"(hereinafter referred to as the " Transparency and transparency of the Treaty on Transparency in Investors and Inter-State Arrangements(hereinafter referred to as the "Transparency Convention"),which have made transparency reform up to a new stage.Transparency rules have become an unavoidable issue in the field of international investment arbitration,and transparency rules are being implemented around the world.In this paper,we will study the transparency reform of NAFTA,ICSID and UNCITRAL,and analyze the obstacles and scope for development.We will make suggestions and improving methods of the transparency of international investment arbitration.Viewing transparency of the reform from everywhere,the transparency of the current rules reform is mainly in three aspects,which are open arbitration court,participation of the third person,it is an important part for those not involved in disputes and the public of the atbitration award.Although transparency reformmeans strengthen the transparency of international investment arbitration,the complete transparency does not necessarily play the best effect.The author thinks that the traditional secrecy principle still has existence value.The combination of secrecy principle and transparency principle,an exception of the former,can better serve the investment arbitration system,and better guarantee long-term protection of the host country's public interest and human rights.As an important part in import and export of capitial,China leads a cutting edge in foreign investment and attracting foreign investment,transparency reform can never be ignored by China.In recent years,overseas investment of Chinese enterprises keeps sustainable growth,especially with the development of "theBelt and Road" program,the relationship between China and host countries is increasingly close,the investment disputes between the two has increased too.The particularity of China's status in the field of state-owned assets investment makes China more careful to treat of transparency reform,actively involved in making new transparency rules,comply with the trend of the development of transparency reform in the international investment arbitration,and better safeguard their own interests in the field of international investment.This paper,divided into five parts,will carry out various in-depth research and analysis of transparency reform,to identify new developments in transparency rules,and existing obstacles in realizing transparency rules of the international arbitration,thus the response will be found.According to the status quo of China's international investment arbitration transparency,it is a must for China to find way to enhance the transparency of international investment.The first part mainly discusses conceptual characteristic of transparency in international investment arbitration,analyzes the necessity and importance of,transparency reform because of the reality of the existence of value and cannot be ignored.The second part is the historical process of the transparency reform and the existing transparency rules.The main transparency reform is analyzed to better grasp the current situation of transparency reform.The third part is to find out the various factors hindering the development of the international investment arbitration transparency,to analysis the reason to find the corresponding methods for solving the problem,only in this way can promote the substantial development of transparency rules.The fourth part is to find the way to achieve transparency international investment arbitration transparency and that makes it possible to implement reform of transparency,the legitimacy crisis of international investment arbitration should be solved,the international community should be provided with more comprehensive services,fairly balanced investor private interests and public interests of the host.The fifth part is based on the current situation and existing problems of the transparency of Chinese investment arbitration,and find out China's response.