Research On CPTPP Investment Dispute Settlement Mechanism

With the deepening development of economic globalization and optimizing the continuous allocation and supply of market factors such as capital and resources on the global scale,international investment has ushered in new development opportunities.In recent years,the scale of international investment has been expanding,and the investment has repeatedly reached new highs.However,the subsequent disputes also emerge in one after another.In addition,the construction of the existing investment dispute resolution mechanism is difficult to meet the development needs of The Times,which to some extent restricts the full flow of international investment vitality.Take this opportunity to establish Japan led the comprehensive progress of the trans-Pacific partnership broke through the part of the original TPP agreement rules,advocating the establishment of a new international investment dispute order,at the same time some developing countries also actively express their own interests,triggered the reform of international investment dispute settlement——CPTPP was born.CPTPP is developed on the basis of the TPP agreement,and is a typical representative of the development of regional free trade agreements under the current international order.Its arbitration mechanism,consultation and dispute settlement plan are more conducive to balancing the interests of all parties.This also means that its impact scope will continue to expand.At the same time,CPTPP sets up the ISDS mechanism,and applies the scope of the agreement through freezing clauses and text changes,so as to ensure its standardized operation.Unlike the USMCA,the CETA,and the RCEP,the CPTPP proposes new investment dispute solutions.At the level of application of the investment dispute mechanism,the CPTPP advocates the equality of the contracting member states,that is,the investment behavior of the CPTPP contracting states may apply to the agreed investment dispute settlement mechanism.At the same time on the target orientation,CPTPP focus on expand the freedom of investment behavior,and construct the arbitration mode of investment protection mechanism,in order to form a stable and transparent and non-discriminatory overseas investment protection framework,on the value orientation,CPTPP investment part more focused on protecting the contracting party legitimate policy objectives,is committed to actively strive for investment protection and guarantee the balance between the host country regulation.In addition,the CPTPP increases the scope and transparency of disclosure by developing a negative list.It can be said that it is the innovation of CPTPP that makes the investment dispute settlement mechanism develop towards a more diversified and equal direction.Even so,there still many difficulties in the development and evolution of CPTPP.First is the potential crisis of national sovereignty under the ISDS mechanism.Different from other international agreements,CPTPP allows foreign investors to have certain autonomy in choosing controversial decisions,which breaks through the basic principle of"exhausting local relief",which also ignores the judicial authority of the host country to a certain extent.Secondly,due to the different development bases of the contracting parties,there are also many differences in the legal environment,arbitration basis and scale,which may lead to the judicial dilemma of "different judgments of the same case" in international investment disputes.In addition,the ISDS mechanism agreed on high adjudication costs,to some extent,influenced the enthusiasm of developing countries to join.Although our country has not joined the CPTPP,the design of many provisions of the CPTPP investment dispute settlement mechanism still plays a positive role in deepening the achievement of reform and opening up in all aspects,seizing the international economic development opportunities,and deeply promoting the coordinated development strategy of the Belt and Road Initiative.Therefore,we should carefully study the provisions of the investment dispute settlement mechanism of CPTPP,improve the rule of law construction of domestic investment governance,broaden the channels of investment dispute relief in host countries,strengthen the training of talents for investment dispute settlement,make good use of the"experimental field" of free trade area,and enhance the vitality of enterprises to participate in the construction of investment dispute mechanism.To meet the CPTPP challenges to China to be fully prepared.