Singapore bids to host international tribunal for investor-state disputes
The Multilateral Investment Tribunal is still being negotiated at the UN’s trade law body
Singapore is actively seeking to host the newly proposed international tribunal for investor-state disputes, according to Minister for Law Edwin Tong. The Multilateral Investment Tribunal (MIT) aims to replace the current ad hoc arbitration system, which has faced criticism over inconsistent rulings and questions about arbitrator independence.
The tribunal has been under discussion since 2017 at UNCITRAL's Working Group III, with negotiators working on draft statutes and a related appellate mechanism. The push for a standing tribunal comes as treaty-based investor-state cases have risen and the existing system is under strain, marked by inconsistent decisions and concerns about regulatory chill and arbitrator independence.
Tong emphasized the need for a credible and trusted investment dispute settlement system, given the increasing government interventions in areas like public health, energy security, climate change, and national security. Singapore, with its neutral and stable jurisdiction, mature dispute resolution ecosystem, and deep connections to various economies, is well-positioned to host the tribunal.
The city-state is committed to funding participation for developing and least-developed countries and will provide dedicated facilities for the tribunal, including a building for hearings and housing for tribunal members and staff. Additionally, the Ministry of Law and the National University of Singapore will establish a Centre for Arbitration and International Dispute Resolution to conduct research and offer advanced studies for arbitration practitioners.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
