SPENCER BROWN

Organisation Of Islamic Cooperation Investment Agreement

The new ISDS mechanism, defined in the draft protocol, requires an aggrieved investor to take several intermediate steps before he can initiate an investment arbitration procedure. As Mr Kane explained, this structure is consistent with the explanatory statement of the draft protocol, namely to reduce the number of proceedings against the OIC Member States. Investors who wish to assert rights under the OIC Investment Agreement must first use local remedies before the host Member State`s national courts until a final decision is made. Subsequently, the investor would have the right to sue the state. This would allow an amicable resolution process to be launched between states. It is only if this procedure fails that the investor is entitled to initiate investor-state proceedings before the panel of first instance. At the end of this procedure and the award of an award, the award could be challenged before the Appeal Board. Members of the Trial Committee and appeal committee would be appointed by the OIC states, and among those appointed may also include non-OIC nationals. It is only at the end of the two-step dispute resolution process that the decision will become final and binding. A secretariat of the Dispute Resolution Board will be established to assist the parties and the Tribunal throughout the process. Although the OIC agreement has been in force since 1988, it was used as an investor-state arbitration instrument until 2012, when a Saudi national called it to initiate investment arbitration proceedings against Indonesia. The Court of Arbitration has decided that the OIC agreement applies to the investor against state arbitration in addition to internal investment disputes.

In other words, an investor in an IIC Member State investing in an OIC member state can count on the agreement of the OIC to initiate an investment arbitration procedure against the host country. International investment agreements (AI) are divided into two types: (1) bilateral investment agreements and (2) investment contracts. A bilateral investment agreement (ILO) is an agreement between two countries to promote and protect investments made by investors from the countries concerned in the territory of the other country. The vast majority of IDu are bits. The category of contracts with investment rules (TIPs) includes different types of investment contracts that are not BITs.

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REP   ACTING: VLA     VO: SUE TERRY VOICES    LIT: RICHARD SCRIVENER

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