Ratio Decidendi of International Investment Arbitration Tribunals

The modern system of international investment arbitration includes a large number of court precedents, which form the basis for subsequent court decisions. Due to the fact that international investment courts have the ability to determine priority when identifying contradictions in international legal conventions and agreements, their decisions may be contradictory. To solve this problem, it was proposed to create a single investment court within the European Union, which can also perform the function of harmonizing judicial practice. Opponents of this idea argue that the creation of such a court would eliminate the alternative choice of the parties of the most competent judicial authority for them, and therefore would create a situation in which more politically independent States could create a monopoly on certain types of investment. Based on the analysis of various approaches to the concept of "investment", the identification of criteria for investment activity, the degree of state intervention in the investment activities of companies was established. During the study of judicial practice, various standards and clauses that can be included in investment agreements by the parties were analyzed, the scope of such clauses was determined, and the jurisdiction of international arbitration courts was determined, which are necessary for the implementation of reforms to improve the mechanisms for resolving investment disputes. This study concludes that the reform of investment arbitration is necessary and natural, but for its implementation, it is necessary to analyze the factors of effectiveness of existing international investment courts and their positions.