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date: 24 January 2021

Abstract and Keywords

This article discusses the issues related to the slow movement of international investment arbitration law through many procedural issues. It mainly focuses on the problem of compliance and enforcement for investment arbitration awards. It reveals the distinction between compliance with international investment instruments and the procedural issues of enforcement, recognition, and execution of arbitral decisions. It discusses the two basic systems in international investment arbitration concerning the review of arbitral awards. With respect to awards under the ICSID Convention, four court decisions involving challenges by states to the enforcement and/or execution of investment awards in national courts are discussed. This article raises a potentially serious question about the future of investor-state arbitration, in particular whether it is an effective system of justice and discusses most recent cases that clearly demonstrate the major weakness in the system for enforcement of investment awards.

Keywords: compliance, enforcement, investment arbitration, arbitral decisions, investor-state arbitration

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