On 13 February, Iraq signed the United Nations Convention in Transparency in Treaty-based Investor-State Arbitration ("The Mauritius Convention on Transparency").
During the signing ceremony held at Port Louis, Mauritius on 17 March 2015, eight States (Canada, Finland, France, Germany, Mauritius, Sweden, the United Kingdom and the United States) signed the Mauritius Convention on Transparency.
Since then, the Convention has been signed by a further ten States: Syria, Switzerland, Italy, Luxembourg, Belgium, Gabon, Congo, Madagascar, the Netherlands and now Iraq. Two States already ratified the Convention: Canada and Mauritius.
The Convention will enter into force six months after the date of the third instrument of ratification or accession. The Convention is open for signature, ratification, and accession by States and regional economic integration organizations. For up-to-date information about the parties to the Convention as well as its signatories, please see the UNCITRAL website.
The Mauritius Convention on Transparency aims to provide States and regional economic integration organizations with an efficient mechanism that extends the scope of the UNCITRAL Rules on Transparency in Treaty-based investor-State Arbitration ("Rules on Transparency") to investment treaties concluded before the Rules entered into force on 1 April 2014.
The Rules on Transparency provide procedural rules that ensure transparency and public accessibility to treaty-based investor-State arbitration, the proceedings of which have traditionally been conducted behind closed doors. Together with the Rules on Transparency, the Mauritius Convention on Transparency takes into account both the public interest in such arbitrations and the interest of the parties to resolve disputes in a fair and efficient manner.
It is expected that the Convention will significantly contribute to enhancing transparency in investor-State dispute resolutions.