Oic Agreement Investment

(a) If both parties to the dispute fail to reach an agreement because of their conciliation procedure or if the conciliator is unable to produce his report within the prescribed time frame or if both parties do not accept the proposed solutions, each party has the right to go to the arbitration tribunal to make a final decision on the dispute. The Court of Arbitration for Hesham Al Warraq/Republic of Indonesia ruled that Article 8 could be used to import clauses from other bilateral investment contracts if the clauses the investor wished to introduce were based on the same purpose as the OIC articles. [20] Although the OIC agreement has been in force since 1988, it was used as an investor-state arbitration instrument until 2012, when a Saudi national called it to initiate investment arbitration proceedings against Indonesia. The Court of Arbitration has decided that the OIC agreement applies to the investor against state arbitration in addition to internal investment disputes. In other words, an investor in an IIC Member State investing in an OIC member state can count on the agreement of the OIC to initiate an investment arbitration procedure against the host country. The OIC Arbitration Centre will be a platform for resolving trade and investment disputes. Given its location in Istanbul, the OIC Arbitration Centre will have the power to compete with other arbitration centres in Europe and the Middle East. In addition, through its membership in the OIC and ICCIA, it will play a key role in strengthening economic and trade relations between Muslim countries. Finally, after the creation of ISTAC, the creation of the ICO Arbitration Centre in Turkey will help Turkey achieve its goal of becoming an internationally recognized and privileged place of arbitration. [4] This was a strange choice, given that there was also a bilateral investment agreement between Saudi Arabia in Indonesia. The IIA browser is constantly adapted by reviewing and commenting from UN member states. It is based mainly on information provided by governments on a voluntary basis.

A contract is entered into a country`s IGE census after its formal conclusion; Contracts that have been negotiated but have not been signed are not counted. A contract is excluded from the IGE census as soon as its termination comes into force, whether or not it may continue to have legal effects on certain investments during its „survival“ period („sunset“). If the contract is replaced, only one of the contracts between the same parties is accounted for. Depending on the situation, the contract counted may be „old“ if it remains in force until the newly concluded AI is ratified. While every effort is made to ensure the accuracy and completeness of the content, UNCTAD assumes no responsibility for errors or omissions in this data. The information and texts contained in the database have a purely informative purpose and have no official or legal status.

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