Beyond Courts: Harmonizing Practice and Principles in North America through Investor-State Arbitration

The legal systems of the NAFTA nations have common features, yet the differences in terms of court practice and applicable substantive principles are notable. Within the context of NAFTA, however, a dispute resolution system not under the control of any single NAFTA nation —investor-state arbitration— is refining the concept of the minimum standard. The arbitral tribunals are guided by prior arbitral awards in shaping the important body of international law, and they are developing fairly consistent and harmonized principles concerning the contours of the minimum standard, particularly with regard to denial of justice