International Trade and Investment Dispute Settlement

Giorgio Sacerdoti is an emeritus professor at Bocconi University in Milan, Italy, where he has taught international law for more than 30 years focusing his teaching, research and publications on international trade and investment law, economic cooperation and organizations, arbitration. He has been a member of the WTO Appellate Body (2001–2009) and its chairman (2006–2007). He is admitted to the Bar in Milan and has decades-long experience as an arbitrator in international trade, investment and commercial disputes, at ICSID, of whose roster he is a member, under the rules of a number of other arbitral institutions, and in ad hoc proceedings.Niall Moran is a tenured assistant professor in Economic Law at Dublin City University, Ireland, where he is also Deputy Director of the Brexit Institute. He holds a PhD in International Economic Law from Bocconi University, and is also a law graduate of the University of Galway, and Université Toulouse 1 Capitole. Niall is a qualified barrister in Ireland and has been admitted as an Attorney in the State of New York. He previously worked for the Legal Service of the Council of the European Union and the Bilateral Relations with the Americas Unit at DG AGRI, European Commission.

• IntroductionPart I1. Historical Origins and Development 2. Basic Features of Trade and Investment Dispute Settlement3. Jurisdiction, Initiating Proceedings, and Applicable Law4. Procedural Features and the Final Decision5. Reviewing Decisions: Appeal and Annulment6. Compliance and EnforcementPart II7. From Success to Crisis 8. Reforming the Trade and Investment Dispute Settlement Systems: Approaches, Results and Work in Progress

Written by Giorgio Sacerdoti—with his decades of experience as both an investment arbitrator and a member of the WTO Appellate Body—and Niall Moran, this book does the nearly impossible: it reviews the origins, features, developments as well as current criticism and challenges to both the trade and investment dispute settlement systems. I have long struggled to find accurate and comprehensive materials to help my students understand the differences, similarities and complexities of international trade dispute resolution and investment arbitration. But with this book my search is over.Jennifer Hillman, Georgetown University, former member of the WTO Appellate BodyTo date, scholars and lawyers have looked at the WTO and investor-State dispute settlement systems in separate silos- an ironic fact considering their shared prominence in international economic law. This text - which is much more than an “introduction” as the authors present it - is fascinating and educational, taking a fresh approach by comparing the structure, procedure, evolution and future of these mechanisms, and evaluating their commonalities and differences. It invites the reader to think about how similar issues can be addressed differently, and the contribution each system can make to the other. Meg Kinnear, Former Secretary-General of ICSIDThe upholding of the rule of law in international economic law is fundamental to ensuring predictability, stability and security in international relations, both economic and beyond. At a time when rule-based adjudication is being challenged, and not just at the WTO, this book is a timely reminder of the value of this instrument in providing the certainty needed for cross-border trade and investment and in fostering an environment conducive to sustainable global economic growth. It represents an essential resource for anyone looking to understand these fields and the issues raised by their reform.Pascal Lamy, Former Director-General of the WTOThe authors offer a unique and remarkable comparative study of the existing trade and investment dispute resolution frameworks, highlighting how both have developed and contributed to the formidable expansion of the global economy post-WWII, as well as the reasons why they have entered in a deep crisis. The book explores with remarkable clarity, for the benefit of all concerned, the commonalities of both and the possible ways to safeguard these indispensable tools to facilitate trade and investments worldwide.Alexis Mourre, Arbitrator, former President of the Court of Arbitration of the International Chamber of Commerce