U.S. investors in Canada and Canadian investors into also be able to access investment arbitrations may be seated in any state the U.S. will only be able to find recourse in nationalarbitration through the Comprehensive that has ratified the New York Convention and Progressive Trans-Pacific Partnership on the Recognition and Enforcement of courts or through state-to-state arbitration (“CPTPP”) once it enters into force. Foreign Arbitral Awards, whereas NAFTA requires a seat in a NAFTA state. Home Other notable changes worth mentioning and full protection and security”. While framework by the date of NAFTA’s are, firstly, the curtailing of the use of Moreover, under USMCA arbitral Editorial this language is similar to NAFTA’s termination and (ii) any arbitrations investment arbitration. Investors will proceedings will become much more on the subject of the minimum begun in relation to the so-called “legacy first have to pursue remedies in the transparent than they currently are: standard of treatment, USMCA also investments” (that is to say, investments respondent’s domestic courts, and then many of the parties’ submissions will Insight made in the period dating from when wait until a final decision is rendered by be made public after they are filed, When arbitration is not includes the interpretation from the voluntary: the case of Mutu NAFTA Free Trade Commission’s NAFTA came into force until the date a court of last resort or wait 30 months as will the transcripts of the hearings, and Pechstein v. Switzerland trilateral “Notes of Interpretation of when it is ultimately terminated) within from the commencement of the action. orders, awards, and decisions of the Certain Chapter 11 Provisions” from the three-year sunset period. tribunal. Hearings will also be open to Global Briefing 2001, and goes even further, stating Furthermore, in contrast to NAFTA, the public, although the tribunal may The impact of The Belt and that “the mere fact that a Party takes U.S. investors in Canada and Canadian which provides a three-year limit, the make whatever arrangements it deems Road Initiative on investment investors in the U.S. will only be able to overall time limit for bringing claims necessary to protect information. arbitration or fails to take an action that may be inconsistent with an investor’s find recourse in national courts or through under the USMCA will be four years from In contrast to this, NAFTA’s only “What’s in a name?”: NAFTA expectations does not constitute a state-to-state arbitration. However, the date on which the breach and loss provision regarding the transparency of to USMCA and what this Canadian investors in Mexico and become known to the claimant. proceedings is related to the publication change means for investment breach of this Article, even if there protection is loss or damage to the covered Mexican investors in Canada are expected Another novelty is that USMCA of awards. investment as a result.” In Focus Cultural Heritage What has changed with regards to Considerations in dispute settlement? International Investment Arbitration Perhaps the most important change in Smart Contracts and relation to dispute settlement is Canada’s International Arbitration: Friends or Foes? non-signature of Annexes 14-C, D and E. Consequently, investment arbitration The Achmea decision: will be eliminated between Canada and significant uncertainties linger the United States / Mexico. Therefore, Canadian investors will be unable to Investment Arbitration: bring arbitration clams against the U.S. Contact Lawyers or Mexico. Likewise, U.S. and Mexican investors will be unable to use investment arbitration as a tool should they be the target of unfair action by Canada. The exceptions to the abovementioned rule are (i) any arbitrations that have already commenced under the NAFTA www.uria.com 12