You can follow our ‘PIL Latest’ alerts via the firm’s LinkedIn page. Should you wish to discuss any of these developments, please contact Stephen Fietta on +44(0)203 889 9801 or Jiries Saadeh on +44(0)203 889 9792 in the first instance.
United States, Mexico and Canada conclude new trade agreement
In December 2019, the United States, Mexico and Canada finalised the text of a new agreement (USMCA) to replace the North American Free Trade Agreement (NAFTA). The USMCA’s investment protections are found in Chapter 14 and differ substantially from those under Chapter 11 of the NAFTA. [read more] As regards substantive protections, the USMCA’s expropriation...
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European Court of Human Rights Grand Chamber rules in Ilias and Ahmed v. Hungary
On 21 November 2019, the Grand Chamber (GC) of the European Court of Human Rights (ECtHR) rendered judgment in favour of the applicants in Ilias and Ahmed v. Hungary. The case concerned two asylum-seekers from Bangladesh who spent 23 days in a Hungarian border transit zone before being removed to Serbia after their asylum applications...
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EU Member States agree treaty on termination of intra-EU BITs
On 24 October 2019, the European Commission (Commission) announced that EU Member States had approved the text of a plurilateral treaty entitled “Agreement for the Termination of Bilateral Investment Treaties between the Member States of the European Union” (Treaty). In its statement, the Commission noted that “a small minority” of Member States had decided not...
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Proposals released for modernising the Energy Charter Treaty
On 6 October 2019, the Energy Charter Secretariat released Member State proposals for modernising the Energy Charter Treaty (ECT). Individual submissions were offered by Albania, Azerbaijan, Georgia, Japan, Luxembourg, Switzerland and Turkey, in addition to the European Union (EU). The proposals cover several aspects of investment protection, including the definition of “investment” and “investor”; the...
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The International Court of Justice amends its Rules
On 21 October 2019, the International Court of Justice (ICJ) amended Articles 22, 23, 29, 76 and 79 of its Rules of Court (Rules). The amendments concern provisional measures (Article 76), preliminary objections (Article 79) and the procedure for appointing and removing the Court’s Registrar and Deputy-Registrar (Articles 22, 23 and 29). [read more]...
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ICSID tribunal orders both parties to pay damages in Perenco v. Ecuador
On 27 September 2019, an ICSID tribunal rendered its award on quantum in an arbitration between Perenco Ecuador Limited (“Perenco”) and the Republic of Ecuador (“Ecuador”) under the France-Ecuador bilateral investment treaty (BIT). The tribunal awarded Perenco damages of approximately US$449 million in respect of Ecuador’s interference with its interests in two Amazonian oil blocks...
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ICSID releases third version of proposed amendments to Arbitration Rules
The International Centre for Settlement of Investment Disputes (ICSID) has released the third draft of its proposed amendments to the ICSID Arbitration Rules. Owing to the “developing consensus on the amendments through the consultation process”, there have been fewer changes compared to earlier drafts. The latest draft refines ICSID’s recommended rule changes on topics...
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ICJ delivers judgment in India v. Pakistan dispute
The International Court of Justice (Court) has delivered another ruling on the interpretation and application of Article 36 of the Vienna Convention on Consular Relations of 1963 (VCCR) and its optional protocol on the compulsory settlement of disputes (Optional Protocol). In a judgment dated 17 July 2019, the Court unanimously found it had jurisdiction to...
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EU and MERCOSUR conclude negotiations on trade agreement
On 28 June 2019, the European Union (EU) and MERCOSUR Member States (Argentina, Brazil, Paraguay and Uruguay) concluded negotiations on a bi-regional trade agreement (Agreement). The Agreement impacts a combined population of more than 780 million people and is the EU’s largest trade agreement to date. This far-reaching Agreement provides for progressive tariff cuts on...
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Micula Case: EU General Court annuls Commission’s decision on compliance with ICSID award
In a judgment delivered on 18 June 2019, the EU General Court (GCEU) revoked a 2015 European Commission (Commission) decision prohibiting the Romanian government from compensating Swedish investors, the Micula brothers, pursuant to a 2013 ICSID award. Back in 2015, the Commission had concluded that the ICSID award was incompatible with Article 107 of the...
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