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Moldova to ratify convention on the settlement of investment disputes between states and nationals of other states
Moldova’s government at the meeting on Wednesday approved the ratification of this document, signed in Washington on March 18, 1965. Our country joined it on August 12, 1992. According to Deputy Premier, Minister of Economy Valeriu Lazar, the ratification of this Convention will favor soonest and effective disputes settlement between the investors from different states. This document coming into force will increase Moldova’s rating in attraction of foreign investments, provide higher investors security in the process of investment in the country. The Washington Convention on the Settlement of Investment Disputes Between States and Nationals of other States was elaborated on the initiative and within the International Bank for Reconstruction and Development (IBRD), and entered into force on October 14, 1966. More than 100 states take part in the international agreement. For other category of investment disputes, namely between state and nationals or organizations of other states, the Convention stipulated the creation of the special arbitration body – the International Center for Settlement of Investment Disputes under the IBRD.
The purpose of the Center shall be to provide the settlement by means of conciliation and arbitration of investment disputes between the corresponding entities. According to the abbreviation, widespread in the global literature, this Center is usually called ICSID - International Centre for Settlement of Investment Disputes. “The jurisdiction of the Centre shall extend to any legal dispute arising directly out of an investment, between a Contracting State (or any constituent subdivision or agency of a Contracting State designated to the Centre by that State) and a national of another Contracting State, which the parties to the dispute consent in writing to submit to the Centre. When the parties have given their consent, no party may withdraw its consent unilaterally.” Besides, the Convention provides for “no Contracting State shall by the mere fact of its ratification, acceptance or approval of this Convention and without its consent be deemed to be under any obligation to submit any particular dispute to conciliation or arbitration.” According to the Article 63 of the Convention, conciliation and arbitration proceedings between the State-participant of the Convention and investor may be held by the other body of arbitration, if any indicated in their arbitration agreement. Thus, this international agreement can’t be considered as establishing the obligatory jurisdiction and confirms the general principle of arbitration voluntariness. The ICSID concludes the agreements with some regional arbitration centers, on the basis of which the latter render the conciliation and arbitration services according to the Convention rules.
InfoMarket
Moldova's news
Saturday, 11 february, 2012
Friday, 10 february, 2012
- 10.02 16:54 January, 2012, Moldova has imported from Ukraine 62,9 mln. kwh, which is 45 times more as in January, 2011(1,4 mln. kwh.)
- 15:31 Chisinau zoo prepares electric generators to heat enclosures
- 15:04 Moldova reports 3.69-per-cent decrease in Russian gas price in first quarter of 2012
- 15:04 European Business Association to participate in implementation, monitoring of Moldovan government's policies
- 14:41 Director of Ciniseuti boarding school risks being penalized
- 11:31 The Agricultural Spring at MOLDEXPO
- 9:54 Starting from July, 1, 2012, economic agents have to register tax invoices in the general electronic register
Thursday, 9 february, 2012
- 09.02 18:01 RIOT Commission resumes activity
- 17:08 Constitutional Court says liquidation of economic courts is unconstitutional
- 16:21 Moldovan firms to be obliged to inform about transactions worth over 100,000 lei
- 16:20 Producers of cigarettes have to present to the government the information about the quantity of cigarettes produced (by brands) and about the volume of the sales
- 16:19 The National Agency on Food Safety is established in Moldova
- 15:52 Parliament’s spring-summer session starts in a week
- 12:35 All stalls and selling places near Central Market removed
- 11:40 IT Essentials course to be taught in some schools from September
- 11:38 Online public services until 2020
- 11:34 Pension in Transnistria represents 34.7% of average pay in the region
Wednesday, 8 february, 2012
- 08.02 17:26 Local authorities will have professional holiday
- 16:21 Experts say first signs of economic recovery felt in Moldova
- 16:19 Moldova to hold census in 2014
- 16:19 Students of over 160 education institutions stay at home because of cold
- 16:16 Moldovans to visit Bulgaria with Schengen visas
- 15:36 In 2011 the EBRD has launched 8 projects in Moldova valued at 69 mln euros in total
- 14:17 Moldovan companies recommended to temporarily cease transportation services via Romania
- 14:09 Three cars blocked in snow
- 12:42 Constitutional amendment proposal will be ready by start of parliamentary session
- 12:41 Banded drugs of over 1m lei seized
- 9:31 GDP growth in Moldova will slow down from 6% to 3,5% in 2012, - Valeriu Lazar
Tuesday, 7 february, 2012
- 07.02 17:46 PM chairs meeting of Supervisory Board of Millennium Challenges Fund Moldova
- 17:09 Moldovan Interior Ministry approves strategic development programme, action plan for 2012-2014
- 16:25 The first round of the talks on the deep and comprehensive free trade agreement between RM and EU is to be held in Chisinau on March 19-23, 2012
- 16:14 All schools in northern Moldovan district closed over heavy snowfall
- 16:10 About 30% of bus and minibus services to northern Moldova suspended
- 15:03 Private individuals can declare incomes by March 31
- 13:44 Roads to Romania are unblocked partly
- 13:43 Quality of Moldovan wines stabilized – Rospotrebnadzor
- 13:43 WB appoints new country director for Ukraine, Belarus and Moldova
- 13:41 Mihai Poalelungi elected as Supreme Court chairperson
- 13:10 Moldova prepares for second stage of Action Plan with EU
Monday, 6 february, 2012
- 06.02 17:09 Two Moldovan-Romanian border checkpoints closed over bad weather
- 16:08 In 2011 the external state debt of Moldova increased by $26,3 mln.
- 16:08 Remittances from abroad made in favor of individuals via banks grew by 16,9% ($209,65 mln.), to $1 bln. 453,79 mln. in Moldova
- 15:57 Three of four drivers in favor of stoplights with intermittent green
- 15:30 Tendencies in Euro-Atlantic security system discussed in Munchen
- 15:28 Moldova 1 modifies broadcast schedule
- 15:25 "Termocom" are banii, dar nu-i poate plăti creditorilor
- 15:08 World congress of Gagauzes to be held in Comrat in August
- 15:07 Marian Lupu promises prerequisites for situation improvement in Moldova
- 15:04 Communists demand early parliamentary election in May-April
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