COMPARATIVE RESEARCH OF INTERNATIONAL DISPUTE RESOLUTION MECHANISMS: WTO AND ICSID
DOI:
https://doi.org/10.18623/rvd.v22.n6.3934Keywords:
International Disputes, Wto Dispute Settlement Mechanism, ICSIDAbstract
The progress of economic trade and investment naturally necessitates the creation of appropriate laws, and an effective dispute resolution system plays a crucial role in this process. Given the swift advancement of international economic cooperation, it becomes especially critical to ensure the complete and effective resolution of economic disputes. The International Center for the Resolution of Investment Disputes (ICSID) established by the Washington Convention provides a better solution for investment disputes between foreign investors and host governments. The dispute resolution mechanism established by the World Trade Organization (WTO) based on the Understanding on Dispute Resolution Rules and Procedures (DSU) provides a good solution for investment disputes between countries. The WTO and ICSIC dispute resolution mechanisms are well-established and effective mechanisms in the world for resolving cross-border disputes. They each have their own advantages and disadvantages in investment dispute resolution. The WTO dispute settlement mechanism has the characteristics of strict procedures and effective implementation, while ICISD has the characteristics of flexible Proper law and final adjudication. Comparing the differences between the two dispute resolution mechanisms can reveal a complementary relationship in resolving international investment disputes. Choosing a reasonable system that is suitable for the parties is not only conducive to protecting their rights and interests, but also to a certain extent guarantees the prosperity and development of the international economy.
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