INVESTMENT COURT SYSTEM (ICS) SEBAGAI ALTERNATIF BARU INVESTOR-STATE DISPUTE SETTLEMENT (ISDS)
| Format: | Book application/pdf Journal |
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| Terbitan: |
UI Scholars Hub
, 2021
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| Subjects: | |
| Online Access: |
https://scholarhub.ui.ac.id/dharmasisya/vol1/iss2/15 https://scholarhub.ui.ac.id/cgi/viewcontent.cgi?article=1056&context=dharmasisya |
Daftar Isi:
- One form of the impacts of economic globalization is the growing investment internationally. This is indicated by the increasing number of international agreements such as free trade agreements, multilateral investment agreements, bilateral investment agreements, and so on. Due to the developing of investments globally, a mechanism on international investment dispute resolution is certainly needed, but because of there is no international treaty on investment dispute settlement, then there is also no international investment court. So procedurally, the arbitration tribunals follow the established arbitration rules. Investor-State Dispute Settlement (ISDS) is a treaty-based dispute resolution mechanism that found in many international investment agreements. The provisions of ISDS are contained in many types of international agreements including Free Trade Agreements (FTA), Bilateral Investment Treaties (BITs), Multilateral Investment Agreements, investment contracts and national investment laws. ISDS is one of the dispute resolution mechanisms in Foreign Direct Investment (FDI). The ISDS was formed with the aim of protecting the interests of foreign investors who are investing in the host states, so that it will attract more investors to invest in other countries. In the ISDS mechanism, an investor can sue the host state to an arbitration if they feel disadvantaged by the host state. But it seems that the ISDS mechanism is still considered to have many shortcomings, so the European Union then proposed the establishment of a new dispute resolution system, the Investment Court System (ICS). This new system is considered to be able to provide solutions to overcome the shortcomings of the ISDS mechanism. This paper will discuss about the ICS, which is considered to be a new alternative to the ISDS.