Study Of Transparency Rules In Investor-State Arbitration

With the rapid development of transnational investment under the background of economic globalization,international investment disputes become more and more frequent.When international investment disputes occur between investors and countries,the number of cases using international investment arbitration mechanism to resolve disputes has increased dramatically.However,due to the traditional secrecy,the arbitration of international investment disputes,which originates from commercial arbitration with the aim of protecting private interests,faces the challenge of legitimacy and reasonableness.The arbitration of a country's investment disputes with the countries is more specific than the arbitration of investment disputes between private individuals.It has particularities:the status of aggressors is not equal,the issues involved and interests are complex,and the consequences are rather special.The introduction of transparency rules and transparency obligations enables investors to take effective advantage of the mandatory character of international investment arbitration jurisdiction,and Investor-State investment disputes arbitration is often more closely related to the broad and far-reaching public interest.This inevitably requires special attention to the public interest involved in such cases,ensuring open procedures and effective public participation.The introduction of transparency rules in Investor-State dispute arbitration facilitates the disclosure of information and procedures,and can promote investors to fully grasp diversified information before making international investment decisions,avoiding investment risks and avoiding adverse selection.To a certain extent,it can reduce the disadvantages of incomplete information and asymmetry,reduce the cost of information search for investors in favor of their own interests,and build a fair and transparent competitive environment;Good and mature transparency rules can also serve as an incentive system to limit moral hazard and ensure that the legitimate rights and interests of investors are not infringed by unequal status with the host country.The transparency rules of Investor-State investment dispute arbitration are also the embodiment of the basic principles of international law,which is helpful to enhance the fairness and rationality of Investor-State investment dispute arbitration,to implement the process of international rule of law and to realize global good governance.Consolidating and developing democratic institutions,ensuring open procedures and public participation and adapting to global governance patterns in the new situation;It helps to ensure that the country effectively fulfills its transparency obligations,coordinates and develops the right to know the countries and citizens,and strengthens the supervision and implementation mechanism for investors and countries investment dispute arbitration.The practice of international dispute arbitration shows that transparency rules are the core rules of information transparency and international rule of law.NAFTA is the first to raise the issue of transparency in arbitration proceedings and put it into practice in legislation.The United Countries and Canada later added provisions related to transparency in their model bilateral investment agreements.International investment arbitration institutions,represented by the International Centre for dispute Resolution(ICSID),are also pushing for transparency reform.The United Nations Commission on Trade Law,which is the focus of this study,is committed to the development and harmonization of international commercial rules and has achieved remarkable results in promoting transparency reform in international investment arbitration.The UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration came into effect in 2014 and the deeper "United Nations Convention on Transparency in Treaty Based Investor-States Arbitration" came into effect in 2017."UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration" developed by UNCITRAL has become one of the most transparent rules in the current international investment arbitration mechanism,while "United Nations Convention on Transparency in Treaty-based Arbitration" has expanded the scope of application of "UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration".Different from the traditional multilateral agreements,the regulation of transparency rules through international conventions is a significant change for international arbitration practice,especially for Investor-State investment dispute arbitration,which is accompanied by public interest.This is a milestone for the development of the rules on transparency.Through the comparative analysis of the transparency rules of NAFTA,ICSID and UNCITRAL,it is concluded that the elaboration of NAFTA in amicus curiae is the most specific.On the other hand,the balance between "UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration" and "United Nations Convention on Transparency in Treaty-based Investor-State Arbitration" of UNCIRAL and "United Nations Convention on Transparency in Treaty Based Investor-State Arbitration",which has strong practicality and also has room for adjustment and improvement.The entry into force of "United Nations Convention on Transparency in Treaty Based Investor-State Arbitration" will have a profound impact on this,and countries all over the world maintain different attitudes towards it.Compared with the positive and open attitude of developed countries,developing countries tend to be more passive and conservative.With the deepening development of the transparency rules under the UNCITRAL system,China,as a permanent member of the United Nations and a developing country,is also taking positive actions to attach more importance to the status and role of the transparency rules.Strengthening relevant legislation on transparency rules and enhancing transparency in international investment and international cooperation.The rules on the transparency of Investor-State investment disputes arbitration are on the track of continuous development with practice.China has taken measures to increase the transparency of investment arbitration and improve investment legislation.To better participate in global cooperation and global governance,implement the principle of global common interests,and build a community of human destiny.