On April 18, 2018, the European Commission presented the EU-Singapore Investment Protection Agreement (IPA) to the European Council.
Chapter 3 of the IPA contains a comprehensive regime for the settlement of investment disputes between a claimant of one party and the other party. A claimant may submit a claim under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention); the ICSID Additional Facility Rules; the arbitration rules of the United Nations Commission on International Trade Law; or any other rules if the disputing parties so agree.
The agreement establishes a First Instance Tribunal and an Appeals Tribunal. Once the agreement enters into force, six individuals will be appointed for eight-year terms to each Tribunal—two appointed by the EU, two appointed by Singapore, and two nominated jointly.
The agreement also states that ICSID shall act as Secretariat to the Tribunals and provide them with appropriate support. In this role, ICSID will perform tasks such as administering hearings, holding finances, and archiving and publishing documents in accordance with the treaty's rules.
"ICSID is honored to be named as the Secretariat for the First Instance and Appeals Tribunals in the EU-Singapore IPA," said Meg Kinnear, Secretary-General of ICSID. "ICSID performs a similar function in the EU-Canada Comprehensive Economic and Trade Agreement, and is available to provide such services to States under other investment and trade treaties."
The EU-Singapore IPA will become binding under international law after completion of each party's ratification process.