16
Dec
2024
Watch
Conclusion, on behalf of the European Union, of the United Nations Convention on transparency in treaty-based investor-State arbitration (short presentation)
Mr President, Commissioner, these amendments concerning the rules on the transparency of international arbitration, of course, are without prejudice to having more access to documentation, to having more access to information, in particular by the public, and it is, of course, a positive element. Now, these amendments do not solve the fundamental problem. And the fundamental problem is that, when the public interest is at stake, it must be the courts of the State, it must be international law and, in particular, private international law that serves as the basis for resolving international disputes. Because, when the public interest is at stake, we cannot refer to arbitration the resolution of disputes, otherwise they will be captured by those who, from an economic point of view, have the capacity to influence the action of these arbitral tribunals. We cannot expect that a small state against a large transnational corporation will guarantee the preservation, the defence of its public interest in an arbitral tribunal that is not obliged to apply the substantive rules of law that preserve and defend the public interest. And that is the direction in which we should move and not that of encouraging arbitration.