The Dilemma and Solution of ISDS in the Context of Transnational Corporate Social Responsibility
In multinational corporations investment activities,theirs should assume human rights and social responsibilities to host countries,such as respecting labor rights and taking measures to protect the environment.The humanistic concept of sustainable development is a common value of the"Business and Human Rights"theory and international investment law,but the current ISDS mechanism has a negative effect on human rights protection and causes a sustainable development crisis.The contradiction between the confidentiality of arbitration and the public law nature of investment disputes,the absence of substantive treaty rules,and the conservative practice of arbitration are the main causes of the crisis.Under the requirement of balancing the triple relationship between investors and host countries,arbitration tribunals and contracting states,and investment protection and human rights protection,the ISDS mechanism should be reformed with the guidance of promoting sustainable development,strengthening the control of contracting states over treaty interpretation on the one hand,and improving the idea of arbitration tribunals in determining the qualifications of amicus curiae on the other hand,so as to address the crisis of sustainable development and respond positively to the impact of the"Business and Human Rights"theory on ISDS.The ISDS mechanism should be reformed with the guidance of promoting sustainable development.
international investment arbitrationsustainable developmentbalance of interestsright to treaty interpretationamicus curiae
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