| Since 2008 United States announced to join the Trans-Pacific Partnership Agreement(TPP),Australia,Peru,Malaysia,Vietnam,Japan,Mexico and Canada have started to join the negotiations based on United States domination.Although on January 20,2017,United States President Donald Trump withdraw from the agreement both academic and political circles become less interested in TPP,TPP is still worth studying.The goal of TPP is to create a free trade area with high standards of trade liberalization and management for its member states.When the new economic order comes,the new economic system should emerge with the trend of the times.TPP also,in a sense,reflects the needs of future oriented international trade trends.Based on this demand,a breakthrough has been made in the renegotiation of TPP member states in November 11,2017.The Ministry of industry and trade minister Chen Junying held in the central Vietnam Da Nang officially announced the11 countries reached a framework agreement on the TPP in the press conference,Japan also announced the new name of TPP so called "comprehensive and advanced TPP(CPTTP),in this way TPP once again attracted worldwide public attention.Free Trade Agreements regulate tariffs and other trade restrictions between two or more countries.before the signing of the TPP agreement among TPP member countries in November 2015,Korea and United States have signed the FTA.There are many similarities between TPP and Korean-US FTA,especially the ninth chapter of the TPP agreement contains a lot of similarities with the investment chapter of the eleventh chapter of the Korea-US FTA.It has implemented for nearly 6 years,Duringthis period in Korea,Korea-US FTA,especially the Investor-State Dispute Settlement(ISDS)mechanism has generated a lot of discussion and disagreement.The provisions concerning ISDS succeeded in relieving concerns about public policy right and judicial autonomy of states while maintaining and consolidating the ISDS system as a whole.The various annexes of the Investment Chapter of the TPP along with General Exceptions Chapter and other sector-specific Chapters provide flexibility for public policy.Special provisions excluding certain nonpayment of public debt and measures for restructuring debt along with the decision on the foreign takeover of certain national industries from the scope of the ISDS are some examples.The fact that all twelve negotiating countries accepted ISDS albeit with some exceptions and agreed on the broad scope of the disputes covered provides bright prospect for the future implementation of the system.TPP signaled the Parties’ interests in code of conduct of panelists,transparency,and appellate system,but failed to provide concrete measures.Despite of these limitations,the ISDS procedure of TPP stands out as a new model ISDS evolved out of past experiences of BITs and FTAs.This paper will compare and analyze ISDS clause in TPP and Korea-US FTA,and make a comprehensive study centered on the comparison of the TPP and KoreaUS FTA.Based on analysis of different ISDS mechanism under TPP and the Korea-US FAT and perform experience of South Korea ultimately find optimized ISDS mechanism for China,at the same time,putting forward some constructive suggestions.The first chapter is an overview of investor dispute settlement mechanism.Mainly includes basic concept of ISDS and the formation and development.The second chapter makes a comparative analysis of TPP and FTA dispute settlement mechanism ISDS.After comparing the main terms of ISDS under TPP and Korea-US FTA investment chapter,the article evaluates the ISDS mechanism in TPP.The third chapter elaborates the improvement of ISDS and China’s countermeasures according to the above content,and comments on the ISDS mechanism and suggestions,as well as the impact of TPP ISDS mechanism TPP and Korea us FTA on China and the countermeasures.The fourth chapter summarizes the revelation of ISDS in TPP and Korea us FTA,and finally puts forward the future development prospect of ISDS in FTA of China-Korea. |
