Construction Of The “One Belt, One Road” International Investment Dispute Settlement Mechanism

With the smooth progress of our country's "One Belt,One Road" initiative,a large number of cases of international investment disputes along the route have increased.However,the diversified economic development level,complex political situation,imperfect legal system within the “Belt and Road” region and the current trend of anti-globalization makes dispute resolution challenging.The traditional international investment dispute resolution mechanism has gradually exposed many defects and cannot adapt to the national conditions of the “Belt and Road” countries.in the case of the resurgence of unilateralism and trade protectionism in the United States and Europe,our country should seize the historical opportunity,and after in-depth study of the latest trends and directions of reforms in international investment disputes settlement mechanism,designing the settlement mechanism based on the national conditions of the countries along the “Belt and Road”.This paper has conducted an in-depth study of the latest reform direction of ISDS mechanism,including the treaty of preventive mechanisms,the refinement of consultation mechanisms,the institutionalization of international mediation mechanisms,and the strengthening of the host country's remedies,and focusing on the analysis of the general trend of the development of international arbitration,including the de-commercialization of traditional international investment arbitration,the rise of the European Union Investment Court,and the USMCA's denial of the universally applicable model.On the basis of in-depth comparison and reference,the "Belt and Road" ISDS mechanism was proposed in this paper.The innovative content of this paper mainly includes the following four aspects: First,the "diversified and optional" ISDS mechanism.Different from the previous idea of only building a "diversified" ISDS mechanism,this paper also advocates building an "optional" ISDS mechanism;second,the ISDS mechanism of "one system and two houses".One system refers to a diversified and optional ISDS mechanism,and the two houses refer to the "Belt and Road" International Investment Arbitration Court and the International Investment Court;Third,the "One Belt One Road" international investment insurance center will be set up under the AIIB,and the host country underwriting center and the investor underwriting center will be set up under the insurance center.There is an insurance mechanism for the host country and an insurance mechanism for investors;Fourth,the “Belt and Road” International Investment school will be set up under the “Belt and Road”ISDS Center.Choose teachers from the remaining six centers and choose students from countries along the route.These schemes are designed to adapt to the national conditions of the countries along the “Belt and Road” that are widely lagging in politics,economy,and laws,in order to promote the sustainable and healthy development of “Belt and Road” investment,and enhance the voice of our country and the developing countries in participating in international investment governance.