Research On The Rules On Transparency In Treaty-based Investor-State Arbitration Of UNCITRAL

The concept of transparency is of great significance in international investment arbitration,but because of its rich content and extensive extension,it is difficult to accurately define it.In practice and theory,information disclosure and non-disputed participation are two important elements in the concept of transparency.The development of the international investment field,the transformation of the country's economic status,and the backwardness of the original mechanism have created a crisis of trust.Improving transparency is the way to solve the crisis.It is determined by the characteristics of investment arbitration that it needs to have standard unification,a strict framework structure,and a rule text with an independent system to stipulate transparency issues.On the basis of different organizations,institutional practice attempts and theoretical research,the United Nations Commission on International Trade has developed the " Rules on Transparency in Treaty-based Investor-State Arbitration".The "Rules on Transparency in Treaty-based Investor?State Arbitration" emphasizes the key role of transparency in ensuring the fairness of investment arbitration and other value pursuits.It clarifies the legislative purpose and completes the transformation from the traditional secrecy to the open and transparent value concept.The "Rules on Transparency in Treaty-based Investor-State Arbitration" also stipulates The important contents of the investment arbitration procedure are clearly defined,such as the discretion and power of the arbitral tribunal,the disclosure of documents,the participation of third parties,public hearings,exceptions,etc.The“Rules on Transparency in Treaty-based Investor-State Arbitration”are more advanced in terms of legislative concepts,legislative models and legislative techniques than other laws that regulate transparency issues.It reflects the significant progress in international investment arbitration legislation and will play an important role in future practice and theory.As a new attempt in the formulation of investment arbitration rules,there are still some shortcomings in the "Rules on Transparency in Treaty-based Investor-State Arbitration".There are no more detailed provisions on the important aspects of the public interest and basic security interests,which easily lead to the abuse of the Transparency Rules in practice.