Adapting an Efficient Mechanism for Resolving International Investment Disputes to a New Era. Vienna Investment Arbitration and Mediation Rules
Adapting an Efficient Mechanism for Resolving International Investment Disputes to a New Era. Vienna Investment Arbitration and Mediation Rules

Summary/Abstract: The neutrality of the tribunal that is to settle a dispute concerning international investment is the first criterion to be established from the outset and the first thing taken into account by the party that chooses a tribunal to settle its case. It is true that we live in an era in which we observe the efforts to establish and operate the European Union Multilateral Investment Court (MIC), but one of the many questions that both states and especially investors ask every time is about neutrality and efficiency because only these proven qualities will attract and really determine the parties from the start to choose a certain court. On the other hand, the traditional VIAC established by the Austrian Federal Economic Chamber in 1975 has continuously remained an independent and neutral institution for the administration of commercial disputes. Recently, VIAC expanded its portfolio to include investment dispute management, welcoming efforts in the light of international developments (the landscape created by the global crisis generated by Covid- 19, Austria's special role as a neutral place for dispute resolution, and Vienna in particular. As a hub for international trade and negotiations, issues that are set out in detail in the VIAC documents, as shown, with its historically established position in Central and Eastern Europe, ICSID as well as the face of future MIC. The method used to create this material was a comparative analysis materialized in logical deductions looking for the ideological and practical apex of a hypothetical system for resolving investment disputes.

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