Q. Consider the following statements regarding “International Centre for Settlement of Investment Disputes” (ICSID):
1. It is the world’s leading institution devoted to international investment dispute settlement.
2. It was established in 1947 along with World Bank.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A
Notes:

ICSID is the world’s leading institution devoted to international investment dispute settlement.  

  • It has extensive experience in this field, having administered the majority of all international investment cases.  
  • States have agreed on ICSID as a forum for investor-State dispute settlement in most international investment treaties and in numerous investment laws and contracts. 
  • ICSID was established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention).  
  • The ICSID Convention is a multilateral treaty formulated by the Executive Directors of the World Bank to further the Bank’s objective of promoting international investment.  
  • ICSID is an independent, depoliticized and effective dispute-settlement institution. Its availability to investors and States helps to promote international investment by providing confidence in the dispute resolution process.  
  • It is also available for state-state disputes under investment treaties and free trade agreements, and as an administrative registry. 

Source: https://icsid.worldbank.org/About/ICSID 

Blog
Academy
Community