Question: What role does the ICSID play in settling international disputes?

Expert answer

The International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration institution that provides a forum for the settlement of investment disputes between states and foreign investors. ICSID was established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, also known as the Washington Convention.

ICSID has played a significant role in settling investment disputes between states and foreign investors. In many cases, ICSID has been able to provide a forum for the resolution of disputes that might otherwise have gone to litigation, which can be costly and time-consuming. ICSID arbitration proceedings are confidential, which allows the parties to discuss sensitive matters without fear of publicity. ICSID arbitral awards are also binding on the parties, and can be enforced in the courts of any country that is a member of the Washington Convention.

ICSID arbitration proceedings are conducted in accordance with the ICSID Arbitration Rules, which are based on the UNCITRAL Arbitration Rules. The Rules provide for a fair and efficient process, and give the parties ample opportunity to present their case and to challenge the evidence of the other side. ICSID arbitral awards are final and binding on the parties, and cannot be appealed.

The ICSID Secretariat provides administrative support for ICSID arbitral proceedings. The Secretariat is headed by a Secretary-General, who is appointed by the World Bank Group President. The current Secretary