Sep 11, 2021 | Post by: schamane No Comments

Application Of International Investment Agreements By Domestic Courts

The Mavrommatis Palestine Concessions (1924) PCIJ Ser. A, No. 2, para. 21, in which the Court held that „a State which seizes the case of one of its subjects and initiates diplomatic measures or international judicial proceedings on its behalf is in fact asserting its own rights – its right to ensure in the person of its subjects respect for the rules of international law“. See also Orrego Vicuña (2004), pp. 31-32. See in particular Klaus Schwab (2018), World Economic Forum. The global report on the competitions, available under www3.weforum.org/docs/GCR2018/05FullReport/TheGlobalCompetitivenessReport2018.pdf. See also the „Justice Scoreboard“ developed annually by the European Commission for the monitoring of the independence, quality and efficiency of judicial systems in the EU Member States, which states that „the independence of the judiciary is a factor of growth, (see the European Commission (2019), Justice Barometer 2019, May 2019, COM (2019) 198/2, p. 44), and also refers to a study reporting a „positive correlation between the perceived independence of the judiciary and foreign direct investment flows in Central and Eastern Europe“, p. 4.

It is interesting to note that even in a highly developed area such as the European Union, whose Member States occupy a prominent place in the world charts in terms of the independence of the judiciary and good governance in general (see Klaus Schwab (2018), World Economic Forum The Global Competitiveness Report, referred to above), the Commission has certain shortcomings and perceived lack of independence in judicial systems. r Member States (see The European Commission, The EU Justice Barometer 2019 (EU 2019), pp. 44-46) and notes at p. 55 that „in addition to the reasons for the lack of independence of courts and judges, the most frequently cited reason was interference or pressure from government and politicians, followed by pressure from economic or other specific interests“. The ICSID Agreement was concluded in 1965 under the aegis of the World Bank and provides for an investment dispute settlement mechanism that is made available to foreign investors and host countries, in the form of conciliation and arbitration. . . .

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