TTIP (Transatlantic Trade and Investment Partnership – USA) and CETA (Comprehensive Economic and Trade Agreement – Canada) news followers will be familiar with fierce debates regarding international court of arbitration. With this mechanism, private international companies can request compensation to a State for non-received profits against State decisions that can damage their private investments. In accordance with this instrument, both sides – claimant and respondent – name one lawyer to serve as a judge. Both of these judges then agree on a third judge. The three compose the specific court of arbitration.
The debates highlight many real cases of these arbitrations, affecting other nations and continents. Normally emerging countries are the first to be sued, followed lately by the richer nations such as Germany (fined with EUR 3.7 billion by Vattenfall for phasing out nuclear power) and Canada (fined with EUR 250 million by Lone Pine for limiting fracking). Continua a leggere “Arbitration proceedings against Italy”