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All Journal Journal of Law and Legal Reform
Fernandes, Acacio
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Law, Crime, Criminology & Criminal Justice

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Reorienting Investment Dispute Resolution in Indonesia: Towards a Fair and Efficient System Siallagan, Sahat Poltak; Wiwoho, Jamal; Suryono, Arief; Kurniawan, Itok Dwi; Fernandes, Acacio
Journal of Law and Legal Reform Vol. 5 No. 3 (2024): Various Issues on Law Reform in Indonesia and Beyond
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jllr.v5i3.4367

Abstract

In the era of Industry 4.0, the surge in foreign investment and the proliferation of global trade agreements have intensified the need for more reliable dispute resolution mechanisms. While the Investor-State Dispute Settlement (ISDS) system has long been the standard, it faces widespread criticism for its lack of transparency, fairness, and absence of an appellate mechanism. In response, the Investment Court System (ICS) has emerged as a novel alternative, introducing significant reforms such as the appointment of more qualified arbitrators, greater neutrality, enhanced transparency, and, crucially, a structured appeals process that offers stronger legal certainty. Although no disputes have yet been resolved through ICS, raising questions about its efficiency, the system represents a promising advancement in creating a more equitable and trustworthy framework. The appellate mechanism of ICS, in particular, addresses a critical shortcoming of ISDS, where arbitration awards are often challenged in national courts, leading to legal uncertainty. By balancing investor protection with state sovereignty to regulate in the public interest, ICS has the potential to enhance legal clarity, foster public confidence, and create a more stable and inclusive global investment environment.
Co-Authors Arief Suryono ITOK DWI KURNIAWAN Jamal Wiwoho Siallagan, Sahat Poltak