ABSTRACT
Traditionally, international investment agreements (IIAs) do not contain comprehensive and detailed procedural provisions. Procedural issues are often left to be decided in accordance with the applicable arbitration laws and arbitration rules or in pursuance of arbitrators' discretionary decisions. Generally, 'European style' IIAs contain a few concise procedural provisions, mainly providing for the contracting states' consent to ISA. A typical feature of modern IIAs is that foreign investors are granted direct recourse to arbitration against host states. Arbitration is traditionally viewed as a confidential dispute settlement mechanism between private parties. The international community shares a growing consensus of improving global investment governance. Transparency provisions in IIAs are designed in different dimensions and with varying levels of 'intrusiveness' to the contracting states, the disputing parties and the arbitrators of ISA. Informational transparency obligations are imposed on IIA contracting states. Adjudicative transparency essentially requires the publication of ISA-related documents or public access to the arbitral proceedings and hearings in particular.
