ICC's Competitiveness in Investment Treaty Arbitration

The International Chamber of Commerce (ICC) has established itself as a leading institution for commercial arbitration; however, its involvement in investment treaty arbitration remains notably low. Despite the existence of numerous Bilateral Investment Treaties (BITs) that reference ICC arbitration, only a small fraction of investment disputes are resolved under its rules. This research paper investigates the reasons behind this discrepancy, focusing on three critical aspects: judicialization of ICC procedures, transparency of its arbitration processes, and the use of technology. It argues that the low uptake of ICC arbitration for investment treaty disputes cannot be solely attributed to these factors. The paper advocates for the ICC to adopt procedural rules specifically designed for investment treaty arbitration, which would enhance transparency, allow for public and third-party participation, and address the distinct public interest dimensions inherent in these cases. By doing so, the ICC could improve its competitiveness in the investment arbitration sector, aligning with global demands for accountability and transparency, and thereby increase its attractiveness to foreign investors. The findings suggest that a differentiated procedural framework for investment disputes is essential for the ICC to meet the evolving needs within the landscape of international arbitration.