A number of African governments have made efforts to encourage investment in the continent by entering into bilateral investment treaties and adopting arbitration legislation.
Mining company Oxus Gold PLC said it is seeking an arbitration order to protect its investments in Kyrgyzstan, following the government-sponsored seizure of premises owned by Talas Gold Mining Co, Oxus’ joint venture company at Jerooy. Oxus said that representatives of Jerooyaltyn, a recently created joint venture between Kyrgyzaltyn and Global G.o.l.d, and local police forcibly took possession of the building on Thursday in direct contravention of the UK-Kyrgyz Bilateral Investment Treaty and Kyrgyz law.
Proposals tabled by the Vienna-based UNCITRAL Secretariat could make it more difficult for observers to discover and monitor international arbitrations taking place under the UNCITRAL rules.
Pakistan has asked the United States to sign the proposed Bilateral Investment Treaty (BIT) by dropping its demand that in case of an arbitration only the Washington based International Centre for Settlement of Disputes (ICSID) should be approached for a decision.
The Czech Republic can argue its case that Japanese investment bank Nomura is liable for billions of crowns in damage, according to an interim award issued Sept. 7 by an UNCITRAL arbitral tribunal seated in Zurich.
Bilateral Investment Treaties (BITs) have greatly proliferated in the last two decades, and play an increasingly significant role in global trade and investment protection.
The recent explosion of bilateral investment and trade agreements and investor-state disputes is of growing concern. Many mobilisations against the World Trade Organisation (WTO) aim to stop attempts by industrialised countries to kickstart talks on a multilateral investment agreement at September’s Cancun Ministerial meeting.