The impact of international investment agreements on the development of commercial arbitration rules

Abstract

This research aims to study the effectiveness of international arbitration in settling investment disputes, focusing on the role of international agreements, both bilateral and multilateral, in protecting foreign investors and host countries. The research also examines the current Libyan legislation and assesses the effectiveness of Article 24 of Law No. 10 of 2010 concerning the Promotion of Investment in regulating investment disputes. The study demonstrates that international arbitration constitutes an effective procedural safeguard for protecting investors and preserving their rights, particularly in the absence of competent and efficient national courts. Furthermore, the research highlights the importance of the arbitration clause being independent of the original contract and the necessity for the legislator to stipulate the principle of competence-competence to avoid problems related to the arbitrators' authority. The research concludes that developing Libyan legislation related to international commercial arbitration, establishing specialized courts, and enhancing the competence of commercial judges are priorities for ensuring a stable and attractive investment environment for foreign investment.