The challenges that lie ahead for international dispute resolution

摘要

Up until the late 1990s,the upper hand during such confrontations was perceived as held by the foreign investors.Supported by numerous bilateral investment treaties(BITs)and international arbitration tribunals located,for the most part,in cities of the developed world,such as New York,London,Paris,Stockholm,investors were quick to seek recourse when they believed that their contracts with a host government had been breached.Such legal action was further supported by the prevailing international political climate,which encouraged the free market-the so-called Washington Consensus'.Today,the World Bank's International Centre for the Settlement of Investment Disputes(ICSID)is considering 122 such disputes,of which 56 originate from Latin America.