상소심 도입 및 제3자 참여의 확대를 통한 투자자-국가 중재 시스템의 제도적 개선

As the number of International Bilateral Treaties and Free Trade Agreements increases, the Investor-State Arbitration has now grown in importance. Procedural reformation of international arbitration is critical to enhance coherence and consistency of the arbitrational decision. ICSID investor-state arbitration is unique in its system because of its mixed nature of international commercial arbitration and public law realms. Discussion about adopting an appellate system in the international arbitration system seems to be a meaningful option even though it seems to be an controverted idea to introduce ad hoc arbitration system. The 2002 US Trade Promotion Authority Act and the 2004 ICSID working paper commonly considered adopting an appellate body in the international dispute settlement regime. WTO Appellate Body can be a desirable model for ICSID. Adopting an appellate system in ICSID can establish more coherent and consistent arbitration tribunal in the long term perspective. Enhancing transparency in ICSID tribunal is another measure to further develop the arbitration system. The cases in the NAFTA regime such as Methanex case show that public participation and the use of amicus briefs are useful tools to improve transparency. Enhanced transparency in the investor-state arbitration system will ultimately lead to better arbitration rules. Procedural reform measures in international arbitration are important tools to create more consistent and legitimate international arbitration.