Ascultă Radio România Actualitaţi Live

UNCITRAL: Romania supports reform on ISDS system

Setting of a Multilateral Investment Court is being discussed in Brussels in EU Council where Romania currently holds the Presidency.

UNCITRAL: Romania supports reform on ISDS system

08 Aprilie 2019, 15:14

Romania has supported an ambitious reform process regarding the current Investor-State Dispute Settlement (ISDS) system under the auspices of the United Nations Commission on International Trade Law (UNCITRAL), during a working session that took place last week in New York.

UNCITRAL Working Group III on ISDS Reform has met for its 37th session at New York, between 1-5 April. Event was an important opportunity for representatives of the European Commission and EU Member States to promote European Union’s initiative for systemic reform – establishment of a Multilateral Investment Court.

Setting of a Multilateral Investment Court is one of Romania’s politically committed priorities in the area of trade policy, during its mandate at the EU Council Presidency.

Within the European Union, Romania supports the new approach regarding investment protection based on a balanced approach between investors’ rights and states’ prerogatives to regulate in the public interest, as well as transition from commercial arbitration paradigm to a permanent court-based system, organized on a two tiers of jurisdiction.

Establishment of a Multilateral Investment Court is being discussed in Brussels within the EU Council in the Trade Policy Committee - Services and Investment, chaired by Romania in the first half of 2019. Committee has endorsed, in January 2019, the EU and its Member States proposal on possible reform options for international ISDS mechanisms.

UN Commission has entrusted Working Group III with a broad mandate to evaluate possible ISDS reform options.

Procedure of the Working Group was structured in three phases:

(i) identification of the main concerns regarding ISDS;

(ii) establishment of the desirability of the reform in light of any identified concerns;

(iii) development of relevant solutions and debates on substance.

During debates that took place in New York, a two-track approach was established: an incremental reform of the current ISDS system, or an ambitious endeavor to establish a permanent mechanism.

Under coordination of the Canadian Chair of Working Group III, states managed to find a compromise solution, deciding to continue discussions, with the two tracks as a basis, and considered specific steps in order to establish future reform options. Final decision on the type of reform and solutions that will be developed under Working Group III has been postponed for the groups’ next session.

The 38th session of the Working Group is scheduled to take place in Vienna, on 14-18 October 2019.

Source:Romania2019.eu

Prime Minister Ilie Bolojan discusses new fiscal measures to balance the deficit with deputy prime ministers
News in English 02 Iulie 2025, 20:36

Prime Minister Ilie Bolojan discusses new fiscal measures to balance the deficit with deputy prime ministers

Prime Minister Ilie Bolojan met with the five deputy prime ministers of the cabinet at Victoria Palace to discuss the...

Prime Minister Ilie Bolojan discusses new fiscal measures to balance the deficit with deputy prime ministers
The government may issue simple ordinances during the parliamentary recess
News in English 30 Iunie 2025, 16:41

The government may issue simple ordinances during the parliamentary recess

The Legal Committee of the Chamber of Deputies has given a favorable report on the draft law empowering the government to...

The government may issue simple ordinances during the parliamentary recess
The reforestation program is available until January 2026
News in English 30 Iunie 2025, 16:40

The reforestation program is available until January 2026

The reforestation program, open until January next year, helps landowners combat desertification and soil aridification,...

The reforestation program is available until January 2026
Trade unions ask President Nicusor Dan to mediate a possible social conflict
News in English 30 Iunie 2025, 16:38

Trade unions ask President Nicusor Dan to mediate a possible social conflict

All trade union confederations are calling for an emergency meeting on Monday between their leaders and Prime Minister Ilie...

Trade unions ask President Nicusor Dan to mediate a possible social conflict
170 passengers have been stuck on a plane at Sibiu International Airport for several hours
News in English 30 Iunie 2025, 16:37

170 passengers have been stuck on a plane at Sibiu International Airport for several hours

170 passengers have been waiting for several hours on a plane at Sibiu International Airport after the crew decided to turn...

170 passengers have been stuck on a plane at Sibiu International Airport for several hours
The government will announce austerity measures
News in English 29 Iunie 2025, 13:54

The government will announce austerity measures

Next week, the government will announce a package of measures to reduce the budget deficit and improve access to European...

The government will announce austerity measures
Romania and France reconfirm strategic partnership
News in English 29 Iunie 2025, 13:53

Romania and France reconfirm strategic partnership

During a telephone conversation on Friday, Romanian Foreign Minister Oana Toiu and French Foreign Minister Jean-Noel Barot...

Romania and France reconfirm strategic partnership
General Assembly of Judges and Prosecutors convened on Monday
News in English 28 Iunie 2025, 13:38

General Assembly of Judges and Prosecutors convened on Monday

The judges and prosecutors sections of the Superior Council of Magistracy (CSM) decided on Monday to convene the General...

General Assembly of Judges and Prosecutors convened on Monday