Comparative Analysis of proposed Multilateral Investment Court and Permanent Multilateral Appellate Mechanism: Dilemma, Value, and Best Path Choice
Journal of Contemporary Issues in Business and Government,
2021, Volume 27, Issue 5, Pages 2853-2869
10.47750/cibg.2021.27.05.148
Abstract
The present study finds that establishing a permanent appeals mechanism is essential to resolvethe current legitimacy crisis regarding investor-State dispute settlement. Currently, States have
proposed two basic models of investment arbitration appellate reform to Working Group III of
the UN Commission on International Trade Law, namely the formation of a Multilateral
Investment Court (MIC) and a Permanent Multilateral Appellate Process(PMAP). The Latter is
more legitimate and feasible than the MIC. The Appellate Mechanism's (AM) review scope
should include legal and procedural errors to guarantee that the AM's error rectification function
is completely accomplished. To improve the efficiency of arbitration, factual inaccuracies should
be confined to apparent errors. Although stare decisis is not yet a general concept in international arbitration, PMAP can employ the de facto stare decisis evolved in WTO judicial practice to promote coherence and predictability of verdicts.
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