UNIDROIT and ICC are working on investment contract harmonisation

On 13-15 March, 2024, the UNIDROIT and ICC Institute of World Business Law Working Group on International Investment Contracts held its Second session in Paris. The Working Group, composed mostly from practitioners active in the field of arbitration, aims at developing guidance to foster the modernisation and standardisation of international investment contracts. It will seek to address recent developments in international investment law, such as the increasing focus on corporate social responsibility and sustainability. The work product of this Working Group will be of high importance to developing countries, especially given the ongoing IIA reforms. Among the most consequential topics in the discussions are stabilisation/renegotiation/adaptation clauses, hardship and force majeure, as well as dispute settlement clauses. IISD is an observer of the process and highlights the importance of the sustainable development perspective.