For information only - not an official document
9 July 2018
OPEC Fund to continue supporting the operation of the UNCITRAL Transparency Registry
VIENNA, 9 July (UN Information Service) - In June 2018, the OPEC Fund for International Development (OFID), during its 163rd Governing Board session which took place in Vienna, approved a grant in the amount of US$ 150,000 to support the operation of the UNCITRAL Transparency Registry for a further two years. OFID has been a donor to the Transparency Registry since December 2015, when it, together with the European Union (EU), extended financial support to enable the establishment of the Registry.
The Transparency Registry was established in accordance with the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration (the "Rules") in order to make information on investor-State arbitrations arising under an investment treaty available to the public. The Transparency Registry provides a consolidated, transparent, and easily accessible global case record database for such arbitrations, which often deal with subjects of public interest.
The Transparency Registry is also a key feature of the United Nations Convention on Transparency in Treaty-based Investor-State Arbitration (the "Mauritius Convention") adopted in December 2014, which extends the application of the Rules to investment treaties concluded before 1 April 2014. The Rules, the Mauritius Convention and the Transparency Registry constitute the UNCITRAL standards on transparency, which are the result of a multilateral effort to reform investment arbitration, in particular to enhance awareness of and access to the process of dispute settlement. By making information about investment disputes publicly accessible, the UNCITRAL standards contribute to building confidence in the international investment framework. Furthermore, they constitute an important step in responding to the increasing challenges to the legitimacy of international investment law and arbitration as such.
OFID, a development finance institution established by Member States of the Organization of the Petroleum Exporting Countries (OPEC), is supporting the project as part of its cooperation with the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world.
OFID's contribution will support the UNCITRAL Secretariat in continuing its operation of the Transparency Registry as requested by the UN General Assembly in December 2015.
The Transparency Registry can be accessed at http://www.uncitral.org/transparency-registry
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 in reviewing and assessing their law reform needs, and drafting the legislation required to implement UNCITRAL texts. The UNCITRAL Secretariat is located in Vienna, Austria. For more information, visit: www.uncitral.org .
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