During its 47th session, the United Nations Commission on International Trade Law (UNCITRAL) approved the draft convention on transparency in treaty-based investor-State arbitration (hereinafter referred to as the “convention on transparency”).
The convention on transparency was elaborated to make the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration adopted by the Commission in 2013 (hereinafter referred to as the “Rules”) operate as soon as possible. The Rules themselves were brought to life by the need to take account of the public interest involved in investor-State arbitrations. The Rules shall apply to investor-state arbitration initiated under the UNCITRAL Arbitration Rules pursuant to an investment treaty concluded on or after 1 April 2014 unless the parties to the treaty have agreed otherwise.
The purpose of the convention on transparency is to provide a mechanism for the application of the Rules to arbitrations conducted under investment treaties concluded prior to the effective date of the Rules (1 April 2014).
With UNCITRAL’s approval, the convention on transparency will now be submitted to the United Nations General Assembly for final consideration and adoption at its 69th session.