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(3) CETA
On 29 February 2016, Canada and the EU published the revised text of
CETA which removed investor-State agreement in favour of the EU proposals
for investment disputes to be removed by ICS composed of state appointed
32
judges. This change is of significance as the FTA negotiations between
33
the EU and Canada were concluded in August 2014 and the text finalised
then provided for ad hoc investment arbitration. According to the European
Commission, the treaty now includes “stronger language” on the right to
regulate and more rules against conflicts of interest for tribunal members.
34
The EU’s initiative for these drastic changes, however, has not been smooth
at the start. On 9 December 2015, Canada’s Chief Negotiator for CETA, Steve
Verheul, apparently ruled out the full inclusion of the ICS in the CETA, stating
that “[w]e do have concerns about reopening any further negotiations.
We are concerned that whenever that happens you could unravel a very
35
delicate balance that was struck.” Nearly four months later, an agreement
had been reached and Canada appeared to have overcome its concerns
regarding the proposed ICS.
On 30 October 2016, representatives of Canada and the EU signed the
36
long-awaited CETA, including the controversial provisions for the ICS. Canada
agreed to the ICS soon after the EU signed the EU Vietnam FTA which included
provisions for the investment court. The signed CETA, the EU-Vietnam FTA
37
32. European Commission, News, CETA: EU and Canada Agree on New Approach on Investment
in Trade Agreement, 29 February 2016. Retrieved from http://europa.eu/rapid/press-
release_IP-16-399_en.htm.
33. Id.
34. Id.
35. Canada rules out full inclusion of Investment Court System in CETA, EU Trade Insights,
9 December 2015. Retrieved from http://www.borderlex.eu/eutradeinsights/canada-rules-out-
full-inclusion-of-investment-court-system-in-ceta/.
36. EU and Canada Sign CETA, Commission Announcement, Brussels, 30 October 2016.
Retrieved from http://trade.ec.europa.eu/doclib/press/index.cfm?id=1567.
37. D. Thomson, Canada and EU Sign Controversial Trade Deal, Global Arbitration Review,
31 October 2016.
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