ISDS reform: a first step towards the end of private justice!

Viviane Reding, Member of the European Parliament (International Trade Committee) and former Vice-President of the European Commission responsible for Justice, Fundamental Rights and Citizenship, welcomes the stance taken by the European Commission as well as several Member States, including Luxembourg, regarding the reform of the investor-to-state dispute settlement (ISDS).

Viviane Reding declared: "I am satisfied to see that they align themselves with my reform proposals. The explicit recognition of States' right to regulate as well as the appointment by the States of independent judges, these are good news! For several months, I have called for an in-depth reform addressing the fundamental flaws of the mechanism so as to make it compatible with basic judicial principles. We certainly don't need a minimalist reform !

They must now show that they are serious about establishing an international Court. I remind them that such a Court can only be public, not private and I invite the European Commission to detail its proposal. We need gold-standards, not gold-plating! We need state-of-the-art international standards to close the loopholes contained in the 1,400 bilateral treaties ! Trade and justice can and must reinforce each other, not undermine one another."