This open access book considers the potential setup for a future Multilateral Investment Court (MIC). The option of an MIC was first discussed by the EU Commission in 2016 and has since been made an official element of the EU Common Commercial Policy. In 2017, UNCITRAL also decided to discuss the possibility of an MIC, and on 20 March 2018, the Council of the EU gave the EU Commission the mandate to negotiate the creation of an MIC. The "feasibility study" presented here is intended to contribute to a broader discussion on the options for a new international court specialized in investment protection. The cornerstones of such a new permanent court are a strict orientation on the rule of law, reduced costs of investment protection, transparency considerations, aspects of consistency in case law, and the effective enforceability of MIC decisions.
"The aim of this book is to describe and explain the investment protection standards typically contained in international investment agreements (IIAs) as applied by investment tribunals. It will provide a basis for analysis, criticism, and argument. In this book we do not offer our own views on how investment standards should be interpreted. Rather, we have collected, analysed and systematized the sometimes heterogeneous, if not contradictory, interpretations reached by various investment tribunals. Thus, this book permits a stocktaking of how tribunals have addressed arguments and interests of parties and stakeholders in the area of investment arbitration. It is neither a critique nor an apology of the existing system"--