The legitimacy of investor-state dispute settlement (ISDS) has come under fire due to cases like Philip Morris’s challenge of Tobacco Plain Packaging. However, states have not (yet) converged on which reforms to pursue. Three main camps have emerged to date: incrementalists; systemic reformers; and paradigm shifters.
Against this backdrop, the United Nations Commission on International Trade Law (UNCITRAL) gave one of its working groups a mandate to investigate the possible reform of ISDS. This talk by an academic member on Australia's delegation to UNCITRAL analyses these reform dynamics in light of the strategies and risks of the different reform champions, as well as those of states that are currently sitting on the fence.