| With the increasing frequency of international investment activities,the imbalance in the right to interpret treaties between international investment arbitral tribunals and contracting states has raised questions about the legitimacy of international investment arbitration mechanisms.The State party’s explanation is one of the effective ways to solve this problem.The State party explained that the discretion of the arbitral tribunal can be restricted with full consideration of the interests of investors.The mutual restriction of the state party’s interpretation and the arbitral tribunal’s interpretation can effectively promote the fairness and fairness of international investment arbitration and the reform and improvement of the international investment arbitration system.In addition to the introduction and the conclusion,the text consists of three parts.The first part is "Summary of Interpretations of States Parties to Investment Treaties." This part starts with the meaning of the interpretation of contracting states,divides the explanations of contracting states into unilateral interpretations and multi-party interpretations according to the number of participating interpreting countries,then introduces the background of the rise of contracting parties interpretation,and finally discusses the importance of contracting party interpretations in the international investment legal system,especially It has advantages in resolving the problems in current investment arbitration.The second part is "Analysis of the Dilemma Explained by the States Parties to the Investment Treaty." It points out that the State party explains the obstacles faced in practice.On the one hand,due to the arbitral tribunal’s preference to protect the rights of investors,the rights of the contracting parties were excessively compressed,and there were no effective restrictions on the arbitral tribunal’s discretion.On the other hand,the State party’s interpretation mechanism also has certain shortcomings.After analyzing relevant cases,this chapter proposes the three major dilemmas faced by the contracting states in the arbitration process.The third part is the "perfect path for the interpretation of investment treaty parties".This chapter considers the issues raised in Chapter Two,and makes recommendations mainly from the perspective of the text of the treaty and the improvement of the state party’s restrictive mechanism.With a view to providing some ideas and opinions for the improvement of the State party’s interpretation. |
