The President of the Republic has today granted Ambassador Petri Salo the authority to sign on Finland’s behalf the United Nations Commission on International Trade Law (UNCITRAL) Convention on the application of transparency rules relating to investor-state dispute settlement to Finland’s valid investment protection agreements. The Convention will be opened for signature in Port Louis, Mauritius on 17 March 2015.
Under the new rules, all documents are public, hearings are open to the public, and interested parties may deliver statements to the court. At the same time, appropriate protection for confidential information will be strengthened to safeguard business secrets, for example.
“This is a major step forward in the international investment agreement system and at the same time for the liberalisation of trade. Increased transparency in investor-state dispute settlement (ISDS) will serve the interests of citizens, investors and states. Finland has consistently promoted transparency in all trade policy contexts, and the signed convention is a clear indication of this approach,” emphasises Lenita Toivakka, Minster for Europe Affairs and Foreign Trade.
Finland has actively participated in developing the UNCITRAL transparency rules, and wishes to adhere to them in all of its bilateral agreements as well as the Energy Charter.