International Trade and Investment Dispute Settlement

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 Body To 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 ICSID The 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 WTO The 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