UN Independent Expert Alfred de Zayas recommends abolishing current ISDS regime
In a report circulated on August 5, 2015, UN Independent Expert on the promotion of a democratic and equitable international order, Alfred-Maurice de Zayas, recommended that states abolish the existing investor–state dispute settlement (ISDS) system. The full text of the report is contained in UN document A/70/285.
The expert suggests replacing the ISDS regime with an international investment court, state–state settlement before the International Court of Justice, or litigation before domestic courts following due process standards established under international human rights law. Existing investment agreements would have to be modified or terminated accordingly.
Zayas also recommends conducting human rights, health, and environmental impact assessments before and after concluding investment agreements. Furthermore, he calls on states to suppress economic crimes, banking speculation, and corruption, and to adopt a legally binding convention covering corporate social responsibilities.