Prachi Goel, Christ (Deemed To Be) University, Delhi NCR
ABSTRACT
The International Centre for Settlement of Investment Disputes (ICSID) is a vital institution in the field of international investment law, providing a neutral and effective dispute resolution mechanism. This paper provides an overview of ICSID, covering its establishment and purpose, role in promoting foreign investment, jurisdiction and procedure of ICSID arbitration, types of disputes covered by ICSID, types of ICSID awards, and enforcement of ICSID awards. The paper also discusses criticisms and challenges faced by ICSID, including the legitimacy and authority of ICSID, and proposes reforms and improvements to the ICSID arbitration system. The importance of ICSID in international investment and the need for a reliable dispute resolution mechanism are highlighted in this paper. Overall, the paper emphasizes the significant role played by ICSID in promoting international investment and maintaining a stable investment climate.
