2022 Year in Review
Message from the Secretary-General
On behalf of myself and my colleagues at ICSID, we send our very best wishes for a joyous and restful holiday season as 2022 comes to a close.
The past year has been busy and productive at the Centre, with demand for ICSID’s services remaining strong and steady. In 2022 we registered 40 new cases—a figure that is in line with recent years. Equally importantly, ICSID concluded 64 cases, as we work with parties and tribunals to ensure that disputes are resolved in a cost and time efficient manner.
In this final newsletter of 2022, we have selected some of the highlights from the last 12 months. These include the adoption and coming into force of ICSID’s amended rules of procedure. Developed over the past five-and-a-half years, the new rules were endorsed by over 85% of ICSID’s Member States—a clear sign that multilateral consensus building is possible in the field of investor-State dispute settlement (ISDS). These rules reflect the state-of-the-art in ISDS and will serve disputing parties well.
Dispute resolution is more important than ever given the immense challenges faced by the global community. At ICSID, we are proud to be part of the solution. Ensuring international investment disputes are resolved effectively and efficiently is essential to mobilizing the foreign investment needed to address the many urgent needs.
Thank you to our Member States, clients, and partners for making the accomplishments noted below possible. We look forward to working with you and welcoming you to ICSID in 2023.
Putting the 2022 ICSID Rules into Practice
ICSID’s updated rules of procedure came into effect on July 1, 2022. Developed over five years with ICSID membership and the public, the 2022 rules significantly modernize arbitration and conciliation procedures under the ICSID Convention and Additional Facility, while introducing new procedures for mediation and fact-finding. In the second half of 2022, ICSID focused on working with its membership and clients on understanding the key changes, including by publishing extensive guidance notes on the ICSID website, as the new rules are put into practice.
ICSID Welcomes New Member States
ICSID’s membership continued to expand in 2022, as the Centre welcomed two new Contracting States to the ICSID Convention. The Kyrgyz Republic deposited its Instrument of Ratification on April 21, 2022, and the Republic of Angola deposited its Instrument of Ratification on September 21, 2022, becoming ICSID’s 157th and 158th Member States respectively.
Progress on the Code of Conduct in Collaboration with UNCITRAL
The Secretariats of ICSID and the United Nations Commission on International Trade Law (UNCITRAL) are collaborating on a draft Code of Conduct for Adjudicators in International Investment Disputes. The Code advanced considerably in 2022, with draft four published in July 2022 and draft five in November 2022, as well as the publication of a new Commentary to the Code. ICSID and UNCITRAL Member States will meet again in January 2023 to make further progress on the Code of Conduct.
New Partnership Agreements Expand ICSID's Global Footprint
ICSID expands its hearing-related services through Agreements on General Arrangements with dispute resolution centres around the world. Based on Article 63 of the ICSID Convention, these agreements provide the option of holding ICSID hearings at the facilities of partner institutions. In 2022, new agreements were signed with the Abu Dhabi Global Market, the Mauritius International Arbitration Centre, and the Arbitration and Mediation Center of the Quito Chamber of Commerce. Overall, ICSID has signed 30 Agreements on General Arrangements.
A Special Year for the ICSID Review
The ICSID Review - Foreign Investment Law Journal is the world’s leading independent peer-reviewed journal specializing in international investment law and dispute resolution. The ICSID Review opened 2022 with a special double-issue (Volume 37.1 and 2) on the International Law Commission’s Articles on the Responsibility of States for Internationally Wrongful Acts (ARSIWA) and investor-State dispute settlement. The special issue features an unprecedented collection of scholarship on the important role the ARSIWA has played in the interpretation of international investment obligations. Rounding out the year was Volume 37.3, with a range of lectures, articles, and case comments at the leading edge of investment law and dispute settlement.