The Control Of The Treaty Interpretation Power Of The Arbitral Tribunal In International Investment Arbitration

Past two decades have seen the development of the investors-state arbitration mechanism as well as the shortages of the mechanism,such as the lack of consistency in the award,the arbitrator's biased protection of investors and the neglect of the public interest of the host sate,which has aroused the attention of the academic and lots of countries.One after another,in order to reduce the unwanted restrictions from the investors-state arbitration,many countries have restricted or directly rule out the application of investors-state arbitration through treaties,among which the EU even has proposed the establishment of an investment court system in recent years.Compared to completely abandoning or setting up new institutions to solve the problems in investors-state arbitration,it may be preferable to seek ways to adjust the arbitration mechanism based on existing rules of international law,which can preserve the investor-host arbitration,meanwhile induces relatively smaller cost and resistance compared with a newly established system and institutions.This article mainly takes the International Investment Dispute Resolution Center as an example to analyze the inadequacies of the investors-state arbitration in settling investment dispute between investors and host states,and the causes of the inadequacies.At the same time,this article focuses on treaty interpretation,which is a key issue in the resolution of disputes.Focusing on multiple entities with the authority to interpret relevant treaties and the methods of interpretation of treaties that should be followed by investors-state arbitration tribunal,this article seeks a method to rationally control the investors-state arbitral tribunals' interpretation of relevant treaties,which may be useful in resolving the legitimacy crisis faced by the investors-state arbitration mechanism.