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OIC Agreement contemplates investor-state dispute settlement
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Interpretation of a multilateral treaty cannot result in the “fracturing” of the treaty’s multilateral character
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Previous decisions are of limited help
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Claimants are ordered to bear a share of Iraq’s costs
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A “bespoke mechanism” for investor-state disputes was envisioned, but never established
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OIC Agreement contains consent to investor-state arbitration, subject to a mandatory conciliation requirement
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MFN clauses are “capable of applying” to dispute resolution provisions
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Mr. Peter sees no mandatory conciliation requirement, and would have imported access to ICSID arbitration through the OIC Agreement’s MFN clause
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Majority declines to apply the OIC Agreement’s MFN clause, invoking “policy reasons”
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Parties agree to bifurcation of ratione voluntatis objection
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Majority considers that burden and standard of proof considerations do not apply
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