nternational investment law is one of the of Canada from investment arbitration with its regional I most dynamic areas in international law. In partners and the rules agreed upon to guarantee a Home this fourth issue, the Investment Arbitration smooth transition, are addressed in this Global Briefing. Outlook addresses a wide range of the Editorial consequences of this dynamism. The In Focus section hones in on diverse and specific current events of relevance for international investment Insight The Insight article scrutinises a recent decision law. The case ofElitech B.V. and Razvoj Golf D.O.O. v. When arbitration is not rendered by the European Court of Human Rights Republic of Croatia (ICSID Case No. ARB/17/32) puts voluntary: the case of Mutu concerning certain arbitral proceedings before the a spotlight on the protection of cultural heritage as and Pechstein v. Switzerland Court of Arbitration for Sport, which sits in Lausanne, established in international law. In this context, the In Switzerland. The decision, which promises to become Focus section recalls awards rendered in international Global Briefing a leading case in the field of sports arbitration, rules investment cases involving international cultural The impact of The Belt and Road Initiative on investment on the compatibility of “forced” arbitrations with heritage law and the protection of unique pieces and arbitration fundamental provisions of the European Convention historical sites. Then, the In Focus Section brings on Human Rights, such as the right to be judged by a us back to the future to take a closer look at smart “What’s in a name?”: NAFTA to USMCA and what this tribunal that is established by law and is independent contracts, which are self-executing agreements that change means for investment and impartial. use blockchain technology. The author considers the protection potential impact that these self-executing agreements The Global Briefing section addresses issues of may have on international arbitration. Finally, as In Focus relevance to international investment law practitioners in previous issues of the Outlook, we continue to Cultural Heritage and arbitrators from East to West. It discusses the Belt track the most recent developments following the Considerations in Achmea judgment of the European Court of Justice. International Investment and Road Initiative, a colossal project led by China that Arbitration intends to strengthen the infrastructure and investment In this issue, we provide an analysis on the position links between that country and no fewer than 65 other expressed by the European Commission concerning Smart Contracts and the application of the Achmea judgment and the International Arbitration: countries, including Kenya, Ethiopia, Germany, the Friends or Foes? Netherlands, Great Britain, India and Indonesia. In this decisions recently rendered by two ICSID tribunals: section, the likely impact of the project on investment Vattenfall AB and others v. Federal Republic of Germany The Achmea decision: (ICSID Case No. ARB/12/12) and significant uncertainties linger arbitration is considered. The Global Briefing section Up and C.D Holding turns next its attention back to the West where, driven Internationale v. Hungary (ICSID Case No. ARB/13/35), by the United States of America, the North American applying the Energy Charter Treaty and the France- Investment Arbitration: Contact Lawyers Countries recently re-negotiated NAFTA, agreeing on Hungary BIT, respectively. a new international agreement known as the United States-Mexico-Canada Agreement (USMCA). Notable We hope you enjoy reading this fourth issue of the issues on the topic, such as the apparent withdrawal Investment Arbitration Outlook. www.uria.com 2