Venezuela highlighted the importance of mediation as a mechanism for resolving disputes between investors and States, during its participation in the 45th period Sessions of Working Group III of the United Nations (UN) Commission on International Trade Law (UNCITRAL).
The information was released by the Permanent Mission of the Bolivarian Republic of Venezuela before the United Nations through his account on the social network Twitter.
“Venezuela participate in the 45th session of Working Group III of the United Nations Commission on International Trade Law (UNCITRAL), highlighting the importance of mediation as a dispute resolution mechanism between investors and States”, the Mission published.
The 45th session of Working Group III of the UN Commission on International Trade Law meets from March 27 to 31 of 2023 in the city of New York, in the United States (USA).
investment model treaty
During the meeting, the members of the working group will discuss the Reform of the Dispute Settlement System between Investors and States, by addressing issues such as the preparation of a model investment treaty that allows the State to harmonize the wording of the treaties with the objectives of its investment policy.
In the event that the State has a model investment treaty, the public body that negotiates them will try to ensure that the negotiations result in an instrument that is as similar as possible to the provisions of the model.
In this sense, the model treaty can considerably facilitate the preparation of future treaty negotiations.
Clear provisions: fewer controversies
According to information published on VTV, if an investment treaty contains clear and well-defined provisions, it will be less susceptible to disputes that fall outside its scope of application, or that are related to government conduct not protected by the guarantees it contains.
Also, in the event of a legal dispute, there would be fewer issues open to interpretation.
The Commission United Nations Committee on International Trade Law (UNCITRAL) plays a key role in developing this framework in fulfillment of its mandate to promote the progressive harmonization and modernization of International Trade Law.
