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International Business Law - Essay Example

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International Business Law ICSID So as to eliminate unnecessary investment disputes and to promote industrial growth, the International Center for Settlement of Investment Disputes (ICSID), a Washington based institution was established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID, 2011)…
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International Business Law
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Download file to see previous pages Over the last decade, the caseload of the ICSID notably increased mainly as a result of an increase in foreign investment practices. Among the 263 registered cases at ICSID as on 30th March 2007, the Argentine government involved in more than 30 cases as an effect of Argentina’s economic crisis (“Orinton Lawfirm”). ICSID provisions for Boris From the given case context, it is clear that Nonatian government does not give much emphasis on the protection of investor interests. However, Nonatia and Russia (home country of Boris) are signatories to the ICSID. Hence, Boris will be protected by the ICSID provisions even though the Nonatian government does not try to safeguard his financial interests. The ICSID mainly provides conciliation and arbitration facilities to contracting states and nationals of other contracting states in order to resolve investment disputes. Conciliation According to ICSID provisions, Boris may submit a request in writing to the Secretary-General to institute conciliation proceedings if he is not satisfied with the dealing of Nonatian government in future. While requesting for conciliation, Boris has to clearly address detailed information concerning the dispute. The Secretary-General (as cited in Davidson Ciambella) will register the request unless he finds the dispute is outside the jurisdiction of the Center (331-332). As per the provision of Article 29, a Conciliation Commission is constituted immediately after the registration of the conciliation request. The Commission may contain a conciliator or sometimes any uneven numbers of conciliators according to the mutual agreement of both the parties. During the course of conciliation proceedings, the Commission clarifies the causes of disputes between parties with intent to suggest mutually acceptable solutions immediately. At various phases of the proceedings (as cited in Rayfuse,), the Commission may recommend terms of settlement to the parties (ICSID Reports). Under this practice, both the parties will cooperate in good faith with intent to assist the Commission to carry out its functions smoothly and flawlessly (“Australian government”). Hence, Boris can ensure maximum cooperation of the Nonatian government on the strength of ICSID provisions because both of them (Nonatian government and Boris) need to give most serious considerations to the Commission’s recommendations. The effective intervention of the ICSID would probably force the Nonatian government to focus more on the needs of Boris; and in fact, this situation assists Boris to take maximum advantages of his investment in Nonatia. It would be an effective method for Boris on the ground of cost and time as it involves simple legal proceedings. However, it seems that conciliation proceedings of ICSID are not much effective for resolving complex disputes, and hence it is recommendable for Boris to seek the help of other ICSID provisions if the issue has multifarious effects. Arbitration The submission of arbitration request is similar to that of request for conciliation. Once the arbitration request is registered by the General-Secretary, an Arbitration Council is constituted as early as possible. The Arbitration Council consists of arbitrator(s) whereas conciliator(s) represents Conciliation Comm ...Download file to see next pagesRead More
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