Solidarity in the ICSID convention : an exploration

Abstract

The International Centre for Settlement of Investment Dispute (ICSID) is one of the key international organisation in the area of International Investment Law. The awards rendered by the ICSID are defining the jurisprudential development of the contemporary International Investment Law. The paper titled “Solidarity in the ICSID Convention: An Exploration” examines the ICSID Convention from the perspective of solidarity. As a prelude to this, the paper explores the concept of solidarity in general in international law. For the purposes of this paper a functional approach to solidarity is undertaken. Based on this functional approach solidarity is considered to encompass three constituent elements of mutual wellbeing, fairness and interdependence within the ICSID framework. The paper maps in detail the provisions under the ICSID Convention which incorporate these three elements of solidarity. It is found that ICSID Convention is thoroughly laced with the elements of solidarity in a manner that they are an integral component of the Convention. The present paper further traces the trends in the working of the ICSID Convention which may erode solidarity. It identifies at least three trends which may erode the institutional value of solidarity. The methodology for the proposed study is exploratory analysis of the provisions of the ICSID Convention and the arbitral decisions and awards by some of the tribunals constituted thereunder.