Research On Enforcement Of Investment Arbitral Awards Under ICSID Convention

With the changes in the international investment environment and the increasing number of international investment agreements,international investment arbitration has become an increasingly important way for parties to choose to resolve disputes.The enforceability of international investment arbitration awards is one of the important reasons why people choose arbitration to resolve disputes between investors and host countries.With the increase of arbitration cases,the issue of enforcement has become increasingly prominent.Therefore,it is necessary to study the issue of the enforcement of international investment arbitral awards,and to seek measures to deal with the problems in enforcement of the awards,and to promote the implementation of the awards.ICSID is currently the most important place to resolve investor-host country investment disputes.The ICSID Convention provides for an independent enforcement mechanism and can only carry out relief procedures within the ICSID.Therefore,the stay of enforcement may occur in the annulment procedure because there is no clear requirement for suspension.The Committee will consider a variety of factors in practice.Regarding whether to stay enforcement,whether to suspend conditionally,and which part to suspend,there have been five different approaches in practice.ICSID Convention stipulates that the award is final.National courts cannot conduct a substantive review of ICSID awards.However,in practice,with Argentina as the representative,there is a situation that the national court has the right to review based on the understanding of specific legal provisions,which seriously affects the finality of award and challenges the enforcement mechanism of ICSID Convention.It is generally believed that the domestic courts of the parties do not have the power to review ICSID arbitral awards,but there is a dispute as to whether domestic courts in other Contracting States have the power to review.In terms ofsovereign immunity.More and more countries have begun to adopt the theory of restrictive sovereign immunity.However,the ownership of assets and the proof of "commercial nature" have difficulties in practice,making sovereign immunity an important obstacle to enforce international investment arbitral awards under ICSID Convention.In order to promote the enforcement of international investment arbitral awards under ICSID Convention,investors should choose one or more measures according to the case and their own circumstances,including the agreement with the host country in the contract to waive the immunity from execution,to carry out insurance,to negotiate reconciliation,to apply for recognition and enforcement of the award in the national court,to seek diplomatic protection from the home state and to transfer claims.State parties can make efforts in legislation and judicial practice to effectively fulfill the obligations of the Convention and facilitate the enforcement of the award.There are some deficiencies in the relevant supporting laws and regulations and the legislation of sovereign immunity in China,which should be regulated in time to better guide the practice.