The European Union will have to secure approval from national parliaments in order to finalise a free trade deal with Singapore. The bloc’s top court ruled that the agreement in “its current form” cannot be handled by the Commission acting alone.
While the debate on the treaty regulating business impact on human rights is likely to continue for a while longer, some recent developments in international investment law seem to be moving forward on international human rights law obligations for businesses
In its September 20, 2016 Ruling, the Swiss Federal Supreme Court refused to set aside an Award in a UNCITRAL investment arbitration between Recofi SA, a French company, and the Socialist Republic of Vietnam, dismissing the case for lack of jurisdiction.
The growing number of investor claims against sovereign host states has fuelled a backlash against bilateral investment treaties and free-trade agreements across the world.
An International Centre for Settlement of Investment Disputes (ICSID) Committee has annulled nearly 90% of the US$1.6 billion Award which had been won by ExxonMobil affiliates in their ICSID arbitration against Venezuela.