By ratifying the Convention, Gambia expresses its consent to apply the Rules on Transparency to investor-State arbitrations initiated under investment treaties concluded before 1 April 2014.
Gambia is the latest nation to have signed on to a United Nations convention that aims to increase transparency in investor-state arbitration proceedings, the UN said Tuesday.
Gambia ratified the United Nations Convention on Transparency in Treaty-based Investor-State Arbitration (the “Mauritius Convention on Transparency”).
Gambia is the fifth State after Canada, Cameroon, Mauritius and Switzerland to ratify the Convention. The Convention entered into force on 18 October 2017. In Gambia, the Convention will enter into force on 28 March 2019.
Since the signing ceremony at Port Louis, Mauritius on 17 March 2015, the following States also signed the Convention: Australia, Belgium, Benin, Bolivia, Congo, Finland, France, Gabon, Germany, Iraq, Italy, Luxembourg, Madagascar, the Netherlands, Sweden, Syria, the United Kingdom and the United States.
The Convention is open for signature, ratification, and accession by States and regional economic integration organizations.
The Mauritius Convention on Transparency aims to provide States and regional economic integration organizations with an efficient mechanism that extends the scope of the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration (“Rules on Transparency”).
The Rules on Transparency provide procedural rules that ensure transparency and public accessibility to treaty-based investor-State arbitration, the proceedings of which have traditionally been conducted behind closed doors.
By ratifying the Convention, a State or regional economic integration organization expresses its consent to apply the Rules on Transparency to investor-State arbitrations initiated under investment treaties concluded before 1 April 2014.
Together with the Rules on Transparency, the Mauritius Convention on Transparency effectively balances the public interest in being informed of investor-State disputes with the parties’ interests in resolving these disputes in a fair and efficient manner.
It is expected that the Convention will significantly contribute to enhancing transparency in investor-State arbitrations.
Distributed by APO Group on behalf of United Nations Information Service Vienna (UNIS).