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Member States is respected, and where private interests
cannot undermine public policy objectives.” 27

In the Fall of 2015, the European Commission proposed the
establishment of a permanent ICS to replace the standard ad hoc investor-

State arbitration regime in the TTIP text, on the basis that the current
28
arbitration model lacks neutrality, transparency, consistency and predictability.
Later on 12 November 2015, the EU formally presented its proposed language
for the Investment Chapter of the TTIP to the United States. The text is similar to
29
the previous draft with a number of minor changes. Those include amendment to

the investment court procedure to make it more accessible to small and
medium sized entities, additional requirements of independence and
impartialities for judges, retaining the principle that costs will be borne by the

losing party, new articles to make clear that any award issued by court as a

“final award” for purposes of ICSID and the New York Convention. 30

On 2 December 2015, the European Commission announced the end

of the negotiations process of the EU-Vietnam FTA whereby Vietnam agreed
to accept the EU’s new approach to investment protection : “a permanent
investment dispute resolution system with an appeal mechanism”.
31

27. European Parliament resolution of 8 July 2015 containing the European Parliament’s
recommendations to the European Commission on the negotiations for the Transatlantic Trade and
Investment Partnership (TTIP) (2014/2228(INI)). Point 2.d.xv. Retrieved from http://www.europarl.
europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+TA+P8-TA-2015-0252+0+DOC+XML+V0//EN.
28. European Commission draft TTIP text on investment, 16 September 2015 (“TTIP”). Retrieved
from http://trade.ec.europa.eu/doclib/docs/2015/september/tradoc_153807.pdf.
29. European Commission, EU Finalises Proposal for Investment Protection and Court System for TTIP,,
12 November 2015. Retrieved from http://trade.ec.europa.eu/doclib/press/index.cfm?id=1396.
30. Text of the Proposal on Investment Protection and Resolution of Investment Disputes and
Investment Court System in TTIP, 12 November 2015.
31. European Commission, News, EU and Vietnam Finalise Landmark Trade Deal, 2 December
2015. Retrieved from http://trade.ec.europa.eu/doclib/press/index.cfm?id=1409.

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