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The International Court of Justice in the Settlemend of International Investment Disputes
|Title:||The International Court of Justice in the Settlemend of International Investment Disputes|
|Authors:||Desierto, Diane A|
|Keywords:||International Court of Justice|
Article 64 ICSID Convention
parallel domestic actions
post-award conservatory measures
|Publisher:||Journal of Dispute Prevention and Resolution|
|Citation:||Desierto, D. The International Court of Justice in the Settlemend of Internation Investment Disputes. Journal of Dispute Prevention and Resultion, Vol. 1, No.2, 2012.|
|Abstract:||This article examines the contemporary role of the International Court of Justice in the settlement of international investment disputes, specifically through the currently unused mechanism of Article 64 of the Convention on the Settlement of Investment Disputes Between States and Nationals of Other States (hereafter, the “ICSID Convention”). Part II (Court of Last Resort, but not Appeal: the Article 64 Clause Compromissoire in the ICSID Convention) examines how Article 64 of the ICSID Convention operates as a clause compromissoire to invoke the compulsory jurisdiction of the Court: “[a]ny dispute arising between Contracting States concerning the interpretation or application of this Convention which is not settled by negotiation shall be referred to the International Court of Justice by the application of any party to such dispute, unless the States concerned agree to another method of dispute settlement”. Read in conjunction with Article 27(1) of the ICSID Convention (a provision that expressly prohibits States from diplomatically espousing claims that are already subject of a pending arbitration), Article 64 has been regarded as a postaward inter-State enforcement mechanism to ensure compliance with arbitral awards issued under the Convention. On the basis of this conception, the Court has not yet received any referrals of international investment disputes since the passage of the ICSID Convention.|
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