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Fouret, Julien; Pena Costa, Luiza Saldanha --- "The Preamble of the ICSID Convention" [2019] ELECD 3017; in Fouret, Julien; Gerbay, Remy; Alvarez, M. Gloria (eds), "The ICSID Convention, Regulations and Rules" (Edward Elgar Publishing, 2019) 2

Book Title: The ICSID Convention, Regulations and Rules

Editor(s): Fouret, Julien; Gerbay, Rémy; Alvarez, M. Gloria

Publisher: Edward Elgar Publishing

Section Title: The Preamble of the ICSID Convention

Author(s): Fouret, Julien; Pena Costa, Luiza Saldanha

Number of pages: 22

Extract:

THE PREAMBLE OF
THE ICSID CONVENTION


Julien Fouret and Luiza Saldanha Pena Costa1

The Contracting States

Considering the need for international cooperation for economic development, and
the role of private international investment therein;
Bearing in mind the possibility that from time to time disputes may arise in con-
nection with such investment between Contracting States and nationals of other
Contracting States;
Recognizing that while such disputes would usually be subject to national legal
processes, international methods of settlement may be appropriate in certain cases;
Attaching particular importance to the availability of facilities for international
conciliation or arbitration to which Contracting States and nationals of other Con-
tracting States may submit such disputes if they so desire;
Desiring to establish such facilities under the auspices of the International Bank
for Reconstruction and Development;
Recognizing that mutual consent by the parties to submit such disputes to con-
ciliation or to arbitration through such facilities constitutes a binding agreement
which requires in particular that due consideration be given to any recommenda-
tion of conciliators, and that any arbitral award be complied with; and
Declaring that no Contracting State shall by the mere fact of its ratification, ac-
ceptance or approval of this Convention and without its consent be deemed to be
under any obligation to submit any particular dispute to conciliation or arbitration,
Have agreed as follows:

1. INTRODUCTION

0.01 On 18 March 1965, the Executive Directors of the World Bank submitted the text of
the Convention on the Settlement of Investment ...