Study On The Review Mechanism Of ICSID Arbitral Award

International Centre for Settlement of Investment Disputes,(hereinafter referred to as 'ICSID')is the world's first specialized arbitration institution for the Settlement of International Investment disputes established in accordance with the convention on the Settlement of Investment disputes between a state and the people of another country(hereinafter referred 'to as‘Washington convention').ICSID resolves disputes between the government and foreign private investors through mediation and arbitration,outside the domestic judicial process of the host country,with the aim of promoting increasing foreign investment.According to the 2018 annual case statistics released by ICSID on January 29,2019,56 new cases were received in 2018.According to the 2019 annual case statistics released by ICSID on December 31,2019,56 new cases were received in 2019.Since 1972,the centre has handled 745 cases.Currently,ICSID handles the vast majority of investment arbitration cases worldwide.To some extent,this shows that ICSID represents the most advanced international practice of investment arbitration in many aspects,such as the arbitration procedure design,the list of arbitrators and the jurisdiction of the arbitration tribunal.However,in recent years,ICSID has been faced with a crisis of legitimacy,which includes issues such as inconsistent decisions,partiality for the interests of investors and transparency.The crisis of legitimacy has prompted ICSID to seek for changes.ICSID has now launched the fourth amendment to its rules,which is regarded by ICSID as the most extensive amendment to its rules so far.In view of the proposed amendments proposed by ICSID,the validity review mechanism of ICSID arbitration award has been adjusted,but it is still not effectively established.It is still necessary to continue to study the validity review of ICSID arbitration award.This paper mainly analyzes the ICSID dispute settlement mechanism,and then finds the existing problems,and on the basis of the analysis,puts forward a feasible reform plan for the effectiveness of ICSID arbitration award and the feasibility analysis of the plan.This paper is divided into four parts,the first chapter is the effectiveness of the ICSID arbitral award review overview,mainly introduced the ICSID dispute settlement mechanism,raises the legitimacy of international investment arbitration crisis and performance,points out that the sanctions inconsistent decision,damage the interests of the host country and transparency is a form of legitimacy crisis,and discusses the review Mechanism of the arbitration award review the necessity of the international investment arbitration ruling plays an important role on the legitimacy and legality.The second.chapter is to analyze the review method of existing ICSID arbitration award and proposed reform of the ICSID review mechanism.Existing review ways include three kinds,namely the arbitral award,modify and revoke the explanation of the arbitral award,and analysis of the running mode of the existing system and the analysis of the disadvantages of existence,is pointed out that the explanation of the arbitration award and modification can deal with problem is too narrow,sometimes cannot solve the dispute,the parties concerned while the arbitration award of the cancellation procedure is the main way to review,but the ICSID cancellation procedure to examine only procedural problems of ruling,the,scope of review does not include substantive issues,so cancel has limitations,so the ICSID arbitration system reform is inevitable.ICSID itself also aware of this problem,and has released four possible working file,the ICSID issued by possible changes to understand the ICSID institutions themselves and the international common voice for reform,but these reforms still can't solve the disadvantages of existing ICSID arbitral award review,that leads to the next chapter appellate mechanism building.The third chapter is to put forward some Suggestions toimprove the review system of ICSID arbitration award,namely the construction of appellate mechanism.This chapter analyzes the necessity of the appellate mechanism,the core problems of the establishment of the appellate mechanism and the problems to be solved in the construction of the appellate mechanism to make up for the existing review system.It is pointed out that through the appellate mechanism,ICSID will be able to provide further dispute resolution solutions to the parties concerned,increase the review of the arbitration award,make up for the deficiencies of the existing review system,and ensure the correctness of the procedure and entity of the arbitration award.In order to ensure that the appellate mechanism can effectively solve the 'legitimacy crisis',it is necessary to expand the scope of review to the substantive issues.Of course,there are still some obstacles to the construction of the appellate mechanism.The ICSID arbitration rules stipulate that once the parties choose ICSID arbitration,they cannot use other relief methods other than these rules.Appellate mechanism conflicts with ICSID such a 'closed' approach,so the appellate mechanism works selection is the key,the paper points out that establishing permanent multilateral appellate body is the best choice,can be taken to establish a permanent multilateral appellate body form,it would be a supplement of the existing arbitration system.The fourth chapter comes back to China.Under the general environment of international investment and the reform of international investment arbitration mechanism,China should be prepared and changed.As the host country and home country in international investment,China should be prepared to cope with the changing international investment arbitration environment and put forward Chinese proposals.