2023 Year in Review
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Message from the Secretary-General
The past year at ICSID has been busy and productive. As of December 15, 2023, ICSID had registered 57 new cases under the ICSID Convention and Additional Facility. In addition, ICSID administered 20 cases under the UNCITRAL and other non-ICSID rules, indicating that parties are increasingly turning to ICSID to administer a range of investment cases. Notably, 2023 marked the first full year of applying ICSID’s updated procedural rules, which came into effect on July 1, 2022. With over fifty cases registered under the amended rules to date, we have gained some experience with their application, and we are carefully monitoring new trends that may arise as these cases proceed.
Another highlight of 2023 was UNCITRAL’s adoption of the Code of Conduct for Arbitrators in International Investment Disputes. ICSID and UNCITRAL collaborated closely on the Code, and it is gratifying to see that it is now available for use in individual cases by party consent and for inclusion in future investment treaties.
As we detail in our final newsletter of the year, 2023 was also a period of new partnerships, an extensive outreach and training program, and strong demand for ICSID’s services.
I wish to close the year by thanking our Member States, clients, and partners for their ongoing support and confidence in ICSID. We look forward to seeing you at the Centre in 2024 and to continue the important work being done by the Secretariat.
With best wishes,
Meg Kinnear
Secretary-General, ICSID
Vice President, World Bank
The Amended ICSID Rules
The amended ICSID Rules and Regulations—which comprise modernized rules for arbitration, conciliation, fact-finding, and mediation—were designed to make the administration of ICSID cases more efficient and transparent and to ensure ICSID’s facilities are accessible to a broader range of cases. As the updated rules celebrated their one-year anniversary in 2023, we published a report that surveyed case experience with the rules thus far.
Partnerships
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ICSID entered into cooperation agreements in 2023 with the SCC Arbitration Institute and the Lima Chamber of Commerce. These agreements are based on Article 63 of the ICSID Convention and allow parties to hold ICSID hearings at the facilities of partner organizations, reinforcing ICSID's global presence and services.
ICSID Review
The ICSID Review – Foreign Investment Law Journal is a leading peer-reviewed journal focused on international investment law and dispute settlement. The journal published some fifty articles, notes, case comments, practice notes, and book reviews from leading academics and practitioners in 2023.
The ICSID Review also started a series of videos and blogs to further the reach of the journal online. Find a few highlights below.
ICSID launched a new section in the ICSID Review—called Practice Notes. Lindsay Gastrell, Editor of Practice Notes, explains the concept behind the section and highlights notes that are in the pipeline.
Drawing from her practice note, Mélanie Riofrio Piché highlights why the 'Armesto schedule' is a practical tool to make document production more efficient in international arbitration.
Mahnaz Malik discusses her case comment, which focused on an arbitrator challenge in the case of Deutsche Lufthansa AG v Bolivarian Republic of Venezuela.
Internship Program
Over the course of 2023, ICSID hosted 16 interns representing 12 different nationalities. We spoke to a number of them about their experience at ICSID.
Emma Delaney Frisch explains what attracted her to the internship program and what surprised her most about ICSID.
Olusola Odunsi and Juliet Rhea share their impressions of ICSID and how the experience will benefit their future careers.
Gabriella Lanzas and Nicolo Minella reflect on their takeaways from the internship experience and the projects they enjoyed most.
Young ICSID
As part of our ongoing series of interviews with young professionals in the field of international investment law and dispute settlement, we spoke with three practitioners with extensive experience in arbitral practice on the African continent.
Earlier this year, Young ICSID held its first “Advocacy Skills Training", focused on making an effective opening and closing statement, featuring Klaus Reichert SC and Donald E. Vinson, authors of “Arbitration: The Art & Science of Persuasion".
Publications
Save the Date
38th AAA-ICDR – ICC – ICSID Joint Colloquium on International Arbitration
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AAA-ICDR – ICC – ICSID Joint Colloquium returns to Washington, D.C. on May 21, 2024. Stay tuned for the program and registration early next year.