Study On The Recognition And Enforcement Of ICSID Arbitration Awards

The formation of the Convention on the Settlement of Investment Disputes Between States and Nationals of Other States(Washington Convention)made ICSID Center Arbitration an effective way to resolve investment disputes between sovereign countries and foreign investors.The final settlement of a dispute will fall on the recognition and enforcement of ICSID arbitral awards.As the State party invokes the Washington Convention ruling to recognize and implement the enforcement mechanism,it also raises some problems.The recognition and enforcement of international commercial arbitral awards is achieved through the New York Convention's recognition and enforcement mechanisms.The recognition and enforcement of ICSID arbitral awards is dependent on a set of recognition and enforcement mechanisms of the Washington Convention.Since the rulings based on the "additional convenience rules" do not apply the Washington Convention ruling recognition and enforcement mechanism,this article will only discuss the recognition and enforcement of arbitral awards based on the rules of the Washington Convention.The later "ICSID Arbitration Award" refers only to the ruling based on the Washington Convention arbitration mechanism.China's Belt and Road Initiative has gradually increased the investment between China and the countries along the route.During the signing of the investment treaty,the dispute settlement mechanism is very important.China is a party to the Washington Convention.In the future,whether it is an investor's home country participating in the Washington Convention arbitration or a third party acting as a ruling party's enforcement state or ruling,it will face more frequently.Issues related to the recognition and enforcement of the Washington Convention award.This article is divided into six parts to discuss some issues about the recognition and enforcement mechanism of the ICSID arbitration award.The first part is an overall understanding of the rule framework of the recognition and enforcement of the Washington Convention.Rules for recognition and enforcement of ICSID arbitral awards are regulated by Articles 53,54 and 55 of the Washington Convention.The rules of these conventions simply and clearly stipulate the obligations of recognition and enforcement of rulings and their obligations to comply with the domestic law of the State party in the implementation.In addition,this section also includes a discussion of China's domestic law that recognizes and enforces ICSID arbitral awards.The second part mainly discusses the application of the provisions of the Washington Convention recognition and enforcement section,including the application of Articles 53 and 54,and the different meanings of certain words in Articles 53 to 55.problem.Although few States Parties did not comply with the outcome of the ICSID Center's rulings,but based on their own interests,each country has its own interpretation of the provisions of the Washington Convention,which in turn leads to the use of domestic law in the courts of the country where the enforcement is performed.Even ruled out the recognition and enforcement of the ruling.Based on the interpretation of the relevant parties and the official interpretation of the case by the Arbitration Commission,the author believes that Article 53 and Article 54 are closely related,but the prescribed object of obligation and emphasis are different.Article 54 cannot replace or weaken Article 53 The application of the article.In addition,a more nuanced analysis of the wording of the individual vocabularies used in the texts of articles 53 to 55,which distinguishes exactly the content of the compulsory level of recognition and execution of ICSID arbitral awards and the content of specific implementation measures.We hope that our country can follow the rules of the Washington Convention when it comes to the recognition and enforcement of ICSID arbitral awards.The third part deals with the issue of exemptions in the recognition and enforcement of ICSID arbitral awards.First,in the recognition phase,because the enforcement court often neglects the relationship between jurisdictional immunity and recognition,it easily confuses the recognition of the difference between the award and the enforcement award.This section clarifies the obligations of the State party's recognition by analyzing the issue of jurisdictional immunity involved in the ICSID arbitration award recognition link.The issue of jurisdictional immunity here involves the discussion of whether the selection of an ICSID arbitration award from an investment agreement concluded with other States parties after the accession of a State party to the Washington Convention constitutes an obligation of the States parties to the Washington Convention to recognize ICSID arbitral awards.Second,in practice,even if a difficult preliminary review of the court in the place of enforcement is adopted,until the specific implementation stage,the losing country of the country of enforcement or the ruling country of the ruling will always invoke the principle of State Immunity to eventually refuse to implement the ruling.Exemption is the biggest obstacle to the successful implementation of the ICSID arbitration award.Exemption enforcement differs according to the different positions that the country maintains.This section focuses on an analysis of exemptions from the implementation of exemptions and analyzes the important concept of “commercial property”.The fourth part deals with the procedural issues in the implementation of ICSID arbitration awards in the country.The content discussed in this section includes the issues of jurisdictional courts,relief procedures,and review procedures.First,regarding the issue of jurisdiction of the courts,many parties to the Washington Convention have designated domestic competent authorities that specifically administer ICSID's recognition and enforcement of cases in accordance with the provisions of the Convention.Although China has relevant laws governing the courts and levels of foreign arbitral awards,However,there are no courts and levels that specifically specify ICSID cases.The ICSID arbitral award is an international investment arbitral award supported by the Washington Convention.According to the requirements of the Convention,it is also necessary to clearly designate the jurisdictional court and level.Secondly,regarding the issue of relief procedures,in countries that have handled ICSID arbitration award recognition and enforcement cases,such as France and the United States,the applicant executor or the enforcer seeks judgments or rulings of domestic courts that he deems inappropriate mainly through step-by-step appeals.Relief.This section discusses whether it is possible to give relief through appeal and whether the parties to the award can be remedied by appeal procedures in our country.Finally,the issue of review of ICSID arbitration awards.The text of the Convention requires States parties to recognize and implement ICSID arbitral awards as domestic final effective awards.Many countries have procedures that can review domestic final decisions,such as Argentina's attempts to review ICSID arbitral awards through domestic review procedures.Will discuss whether our retrial procedure can review ICSID arbitral awards.The fifth part is a detailed analysis of several famous cases of losing the host country's refusal to fulfill the ruling.Including Benvenuti & Bonfant v Congo,SOABI v.Senegal,LETCO v Republic of Liberia and AIG v Kazakhstan.These four cases are mentioned in various parts of the problem study.The four typical cases of recognition and enforcement of ICSID arbitration awards are presented in this section and discussed comprehensively.The sixth part is based on the results of analysis of the above several issues,combining with the actual situation in China,and proposes countermeasures and suggestions.Including the three aspects of the Washington Convention how to apply more smoothly in our country,improve China's implementation of exemption legislation and China's handling of ICSID arbitration awards in the three aspects of the proposal.