EU-initiated Research On The System Of International Investment Arbitration Institutions

In September 2015 the EU issued a draft on investment chapters when they negotiated with the United States about the Transatlantic Trade and Investment Partnership(TTIP).In the draft,EU proposed to establish a permanent international investment court system that contains an appeal tribunal.As is known to all,the arbitration system has been favored by many parties for it's economy and convenience since its birth.Therefore,the establishment of the appeal tribunal not only breaks the system of "arbitration award shall be final and binding" of traditional arbitration but also shows the future development direction of the arbitration system.At present,most of the international investment arbitration mechanisms have many problems,such us the arbitration awards are not unanimous,the arbitration awards ignore the interests of the host countries and the lack of internal arbitration supervision mechanism.In order to solve these problems,the international investment court system also specified the loser pays principle,a rejection mechanism in advance to prevent investors' abuse of litigation and the appointment of arbitrator system in addition to establish the appeal tribunal.It can be seen that the international investment court system has carried on the bold reform to the existing international investment arbitration mechanism,and has made a big step forward in the relevant rules.As the first international investment arbitration mechanism which contain an appeal tribunal,the international investment court system will have a great influence on the settlement of investment disputes between foreign investors and host countries in the future.Negotiations between the EU and the United States are still under way,therefore,as a new international investment arbitration institutions that has just proposed by the European Union,there is not much research on the international investment court system in the world,especially in china.Based on this situation,this article will study the international investment court system.Firstly,this article introduces the specific system of the international investment court system including the tribunal of first instance,the appeal tribunal,the transparency rules of the procedures and the ethics of arbitrators.Secondly,by comparing with the existing international investment arbitration mechanism,this article makes a detailed analysis of the innovation of the international investment court system and makes an objective evaluation.In addition,although the international investment court system has made great progresses in many aspects,however as a new international investment arbitration mechanism,it still facesenormous challenges in the relationship with the local courts,loopholes in host supervision right,the challenges of multiple parts arbitration and the enforcement of arbitration awards.Therefore,at the end of the research,on the basis of detailed analysis,this article puts forward some suggestions which is the ultimate value of the study to consummate the international investment court system both from the macro and micro aspects.