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ONDŘEJ SVOBODA
CYIL 6 ȍ2015Ȏ
Commission negotiates on behalf of the EU and its 28 Member States. It is more
effective to speak with one voice for 500 million people than if each Member State
tried to negotiate separately. Hence, it will be the European Commission which will
be more likely the one to put forward reform proposals to third countries.
The author is of the opinion that the investment chapter including ISDS represents a
rare opportunity to reform and improve the current regime of international investments
treaties. The EU and the US should seize the moment and set a precedent. Alternatively,
if the two economic powerhouses would demonstrate their inability to include an
investment pillar in the TTIP, their opportunity to define reformed procedural and
substantive investment protection rules will be missed. The state-of-art investment
chapter in the TTIP can serve as a model in following treaty-drafting. That is the
best answer to the doubts raised over the legitimacy of the system of investment law.