Examples of ICSID Convention in a sentence
Article 7 of the BIT states that any dispute between investors and the Contracting Parties is to be settled, inter alia, by an arbitral tribunal which applies the ICSID Convention.
In particular, the Commission found, in that regard, that the application of the rules of the FEU Treaty on State aid to the compensation granted by that award could not affect the rights and obligations laid down in the first paragraph of Article 351 TFEU, since, first, the BIT is a treaty concluded between two Member States and, secondly, no third country which has signed and ratified the ICSID Convention is a party to the BIT which is the subject of the proceedings at issue.
By contrast, in paragraphs 58 to 118 of the judgment at issue, the Supreme Court of the United Kingdom upheld the investors’ plea that the first paragraph of Article 351 TFEU was applicable to the United Kingdom’s obligations under the ICSID Convention, with the result that they are not subject to the mandatory effects of EU law.
It follows that the Courts of the European Union have jurisdiction to determine whether a prior international agreement concluded by Member States with third countries, such as the ICSID Convention, imposes on the Member State concerned, in the present case the United Kingdom, obligations with which a third country is entitled to require compliance and whether those rights and obligations are affected by the EU Treaties, within the meaning of the first paragraph of Article 351 TFEU.
However, that case-law, which reflects the separate roles conferred, as a rule, on the Court of Justice and on the national courts in the context of the preliminary ruling procedure, cannot be understood as meaning that the Court would thereby be deprived of all jurisdiction to examine under Article 267 TFEU the scope of the provisions of an international agreement, such as the ICSID Convention, in order to determine whether the latter is capable of coming under the first paragraph of Article 351 TFEU.