ICSID ( English ICSID - International Center for Settlement of Investment Disputes ) is one of the autonomous international institutions, which, along with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) and the World Bank itself, is part of the World Bank Group , a specialized agency of the United Nations . The goal of ICSID is to provide legal opportunities for reconciliation of parties and for arbitration procedures in international investment disputes. The Center seeks to remove non-economic obstacles to private investment and is regarded as a reputable international arbitration institution in the settlement of disputes between states and private investors ( international investment arbitration ). The center is headed by an elected Chairman and Secretary General.
| International Center for Settlement of Investment Disputes | |
|---|---|
 | |
ICSID Members Countries pending ratification of ICSID accession treaty Former ICSID Members | |
| Membership | 152 states |
| Type of organization | UN Specialized Agency |
| official languages | English, French, Spanish |
| Base | |
| Base | 1966 |
| icsid.worldbank.org | |
Content
History
ICSID was founded in accordance with the Convention on the Settlement of Investment Disputes between States and Citizens of Other States (the so-called Washington Convention). The Convention established the status of ICSID, its organizational structure and main functions. The Convention was opened for signature on March 18, 1965 and entered into force on October 14, 1966 .
Organization Principle
ICSID operates under the Convention on the Settlement of Investment Disputes. The Convention considers two main ways to resolve disputes: reconciliation of parties and arbitration . Accordingly, the convention contains rules of procedure for initiating proceedings, for hearings on the reconciliation of the parties and for arbitration. Party service at the Center is voluntary and paid. The size of the fee is approved by the Secretary General. Currently, many agreements concluded in the field of cross-border investments refer to ICSID as an arbitrator in case of investment disputes.
Membership
ICSID members are 151 states and Kosovo (as of April 2014).
Signed, but not yet ratified, accession treaties: Belize , Dominican Republic , Ethiopia , Guinea-Bissau , Kyrgyzstan , Namibia , Russia , Thailand .
Former members: Bolivia , Ecuador .
Non-ICSID countries: Andorra , Angola , Antigua and Barbuda , Bhutan , Brazil , Cook Islands , Cuba , Djibouti , Dominica , Equatorial Guinea , Eritrea , Guam , India , Iran , Iraq , Kiribati , Laos , Liechtenstein , Libya , Maldives Islands , Marshall Islands , Mexico , Monaco , Montenegro , Myanmar , Nauru , Niue , North Korea , Palau , Poland , San Marino , South Africa , Suriname , Tajikistan , Tuvalu , Vanuatu , Vatican , Russian Federation , Vietnam .
Links
Sources
- Egorov A.V. "International Financial Infrastructure", Moscow: Linor, 2009. ISBN 978-5-900889-28-3
- Moiseev A.A. "International financial organizations. Legal aspects of activity", Moscow: Omega-L, 2006. ISBN 5-98119-503-7
- Krasavina L.N., Bylnyak S.A., Smyslov D.V. "International monetary and financial relations", 2003, ISBN 978-5-297-02117-4