Brussels, 10 July 2014 — The European Union welcomes the agreement reached on 9 July 2014 on a new United Nations convention to strengthen transparency in investor-state disputes.
The Convention on Transparency in Treaty-based Investor-State Arbitration will make it easier to apply the UN’s transparency rules to investor-state dispute settlement (ISDS) carried out under existing investment treaties.
‘Improving transparency in ISDS is crucial,’ said EU Trade Commissioner Karel De Gucht, welcoming the development. ‘Yesterday’s agreement shows that more and more countries are committed to transparency in ISDS. It also shows that we can improve existing investment treaties by working together.’
Read the full article in the European Commission website: http://trade.ec.europa.eu/doclib/press/index.cfm?id=1121.