The Singapore International Arbitration Centre launched its Investment Arbitration Rules 2017, potentially marking a new chapter in the institutional administration of investor-State arbitration proceedings.
Cabinet’s endorsement of the draft International Arbitration Bill in April this year gave a welcome indication that South Africa would soon provide investors with one of the essential tools for operating in the modern global economy.
In recent years, a new type of claim has been emerging in the field of investment treaty arbitration, whereby investors initiate proceedings against their own state before an international arbitration tribunal.
The amendment to Arbitration Act will be taken up in the forthcoming Parliament session. The amended act would be on par with the United Nations Commission on International Trade Law (UNCITRAL) system.
The BRICS Group was born in the century XXI with renewed expectations of changes in the world order through greater participation of the Global South. However, what we have witnessed so far is the consolidation of a new/old unequal world order.