On the Prospects for Establishing an Arbitration Centre under the Auspices of BRICS

Based on the fundamental principles of investment law science and the provisions of bilateral investment treaties concluded between the BRICS member states, the author analyzes the mechanisms for resolving investment disputes used within this association. The analysis concludes that the BRICS countries have different approaches to this issue and notes the feasibility of establishing a delocalized BRICS investment arbitration center, whose activities would be based on an open treaty. It is indicated that the creation of such an investment arbitration must take into account the problems that led to the crisis of the investor-state dispute settlement (ISDS) system based on the 1965 Washington Convention, as well as the solutions proposed by UNCITRAL Working Group III. In conclusion, recommendations are formulated to prevent the emergence of such problems, including the adoption of a multilateral investment convention that would unify the conceptual framework, define the legal status of the investor and the host state, and ensure a balance of interests for the parties to investment disputes.

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