Canada will finally adopt the International Centre for
Settlement of Investment Disputes
("ICSID") convention as of December 1,
2013. The convention, which has been adopted by 150 other countries
including most of Canada's frequent trading partners, will have
significant impact on the arbitration of international contract
disputes between investors and foreign states.
Background
Canada signed the ICSID convention in 2006, and adopted federal
legislation to implement it in March, 2008. However, each province
and territory was also required to adopt implementing legislation.
That process took five years.
What is the ICSID Convention?
The convention, established in 1966, provides a mechanism to
resolve international investment disputes between a signatory state
and individual investors of another contracting state through
settled and internationally enforceable arbitration provisions. The
convention has growing relevance in an increasingly global
