Charles H. Camp and Kiran Nasir Gore Contribute Chapter on NAFTA 2.0/USMCA to New Book Discussing the Future of Investor State Dispute Settlement
- posted: Jan 25, 2021
The Investor-State Dispute Settlement System: Reform, Replace or Status Quo?, edited by Dr. Alan Anderson and Mr. Ben Beaumont, is a thought-provoking and important contribution to the ongoing worldwide discussions and debates regarding the way forward for investor-State dispute resolution. The investor-State dispute settlement (ISDS) system provides a mechanism, based on international arbitration, to resolve disputes between foreign investors and States. The number of ISDS arbitrations has increased significantly over the past decade. Drawing contributors from around the world, the authors provide insights into critical topics regarding possible ISDS reforms, their feasibility and alternatives.
Charles and Kiran have written a chapter of the book, titled "The Rise of NAFTA 2.0: A Case Study in Effective ISDS Reform." Their chapter examines the social, political, and experiential circumstances which led to the rise of NAFTA’s successor, the US–Mexico–Canada Agreement (USMCA), which entered into force on 1 July 2020, adopts a new approach to ISDS within its Chapter 14. As the existing ISDS system faces increasing criticism and scrutiny, much of the debate centers on whether the ISDS system remains fit for its purpose. This chapter concludes that USMCA is a practical example of effective ISDS reform; and in sum, the story of USMCA demonstrates that evolution, and not death, is the answer to the modern ISDS debate.