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Icsid’S Reinforcement?: Unasur And The Rise Of A Hybrid Regime For International Investment Arbitration, Kendall Grant

Osgoode Hall Law Journal

The legitimacy and effectiveness of the International Centre for Settlement of Investment Disputes (“ICSID”) is a matter of spirited debate. Opponents argue that ICSID’s ideological and procedural bias impedes fairness, its complexity and cost restrict access to justice, and its lack of an appeal process exacerbates uncertainty and unpredictability. Dissatisfaction with and ideological critique of ICSID, especially on the part of Latin American states, culminated in 2009 when Ecuador proposed the creation of a regional arbitration centre as part of the Union of South American Nations (“UNASUR”). This article surveys the myriad criticisms launched against ICSID and assesses the likelihood …