For information only - not an official document
3 July 2014
VIENNA, 3 July (UN Information Service) - The finalization of a draft convention on transparency in treaty-based investor-State arbitration will be one of the key topics for consideration by the United Nations Commission on International Trade Law (UNCITRAL) when it meets in New York for its 47 th session from 7 to 18 July 2014.
Finalization of the draft UNCITRAL convention on transparency in treaty-based investor-State arbitration
The Commission is expected to finalize the draft UNCITRAL convention on transparency in treaty-based investor-State arbitration (the "convention on transparency"). The UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration adopted by the Commission in 2013 provide a procedural framework for making information available to the public on investment arbitration cases arising under relevant investment treaties concluded after 1 April 2014. Application of the Rules on Transparency to arbitration cases arising under treaties concluded before that date is subject to consent by disputing parties or treaty parties on a case by case basis. The purpose of the convention on transparency is to provide a mechanism for the application of the Rules on Transparency to arbitration cases arising under the almost 3,000 investment treaties concluded before 1 April 2014. Upon UNCITRAL's approval, the convention on transparency will be submitted to the United Nations General Assembly for final consideration and adoption.
In the field of arbitration, the Commission is also expected to consider the progress on the draft UNCITRAL guide and web platform on the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards ("New York Convention"). The guide and web platform aim to enhance the uniform interpretation and effective implementation of the New York Convention.
Other topics to be discussed
The Commission is also expected to review progress made in the areas of electronic commerce; insolvency law; micro, small and medium-sized enterprises; online dispute resolution; security interests; and technical assistance to law reform.
In addition, the Commission will discuss priorities and the organization of its future work. It will evaluate planned and possible future work in the areas of arbitration and conciliation; electronic commerce; insolvency law; international contract law; micro, small and medium-enterprises; online dispute resolution; public procurement and infrastructure development, including public-private partnerships; and security interests. It will need to consider which of these areas of work will be possible, taking into account available resources.
The coordination of UNCITRAL's work with that of other international organizations active in the field of international trade law, its role in promoting the rule of law and the activities undertaken by the UNCITRAL Regional Centre for Asia and the Pacific are also scheduled for discussion.
The Commission is composed of 60 Member States elected by the United Nations General Assembly. Membership is structured to be representative of the world's geographic regions and its principal economic and legal systems. Members of the Commission are elected for terms of six years, the terms of half the members expiring every three years.
From 7 July 2014, UNCITRAL will be composed of the following 60 member States: Algeria, Argentina, Armenia, Australia, Austria, Belarus, Botswana, Brazil, Bulgaria, Cameroon, Canada, China, Colombia, Côte d'Ivoire, Croatia, Denmark, Ecuador, El Salvador, Fiji, France, Gabon, Georgia, Germany, Greece, Honduras, Hungary, India, Indonesia, Iran, Israel, Italy, Japan, Jordan, Kenya, Kuwait, Liberia, Malaysia, Mauritania, Mauritius, Mexico, Namibia, Nigeria, Pakistan, Panama, Paraguay, Philippines, Poland, Republic of Korea, Russian Federation, Sierra Leone, Singapore, Spain, Switzerland, Thailand, Turkey, Uganda, United Kingdom, United States, Venezuela and Zambia.
The United Nations Commission on International Trade Law (UNCITRAL) is the core legal body of the United Nations system in the field of international trade law. Its mandate is to remove legal obstacles to international trade by progressively modernizing and harmonizing trade law. It prepares legal texts in a number of key areas such as international commercial dispute settlement, electronic commerce, insolvency, international payments, sale of goods, transport law, procurement and infrastructure development. UNCITRAL also provides technical assistance to law reform activities, including assisting Member States to review and assess their law reform needs and to draft the legislation required to implement UNCITRAL texts. The UNCITRAL Secretariat is located in Vienna, Austria , and maintains a website at www.uncitral.org.
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