Abstract

NAFTA Chapter 11, famously known as the first international investment agreement (IIA) with investor-state dispute settlement (ISDS) involving developed countries, is coming to an end as we know it. USMCA, the new treaty that is meant to replace NAFTA, eliminates ISDS between the two developed countries in the agreement (Canada and U.S.) and severely restricts ISDS between U.S. and Mexico. Thus, USMCA embraces a selective approach towards ISDS, an approach that, to some, threats the very existence of ISDS as a system to settle investment disputes. This article tries to elucidate ...