INVESTOR-STATE DISPUTE SETTLEMENT AND THE PROTECTION OF FOREIGN INVESTMENT: TREATY PRACTICE, ARBITRAL CASE LAW AND THE REFORM AGENDA FOR UZBEKISTAN

Abstract

The article examines investor-State dispute settlement as the enforcement mechanism of international investment law and assesses its operation in respect of the Republic of Uzbekistan. The author analyses the treaty architecture of consent to arbitration, the jurisdictional requirements of the ICSID Convention and the case law arising from claims against Uzbekistan, in particular Romak v. Uzbekistan and Metal-Tech v. Uzbekistan. The current reform agenda is reviewed, including the work of UNCITRAL Working Group III, the 2022 amendments to the ICSID Rules, the Mauritius Convention on Transparency and the proposal for a multilateral investment court. On this basis the author formulates proposals for a model bilateral investment treaty and for the prevention of disputes at the domestic level.