Public International Law Key Insights: Treaties and IGOs

February 24, 2024

On February 24, 2024, the Republic of Honduras issued a written notice of denunciation of the Convention on the Settlement of Investment Disputes between States and National of Other States ("ICSID Convention").

Denunciation is the formal step taken by treaty parties to no longer be bound by the treaty. Article 71 of the ICSID Convention provides that denunciation takes effect six months after receipt of the notice, which in this case will be August 25, 2024. Article 72 of the ICSID Convention provides that the right and obligations of the State prior to the receipt of the notice shall not be impacted, meaning those arbitrations that have already been commenced may continue.

The move to withdraw from the ICSID Convention comes as Honduras has faced a number of investment treaty arbitration claims in recent years administered by the International Centre for Settlement of Investment Disputes ("ICSID"). Notable among these is Honduras Próspera Inc., St. John's Bay Development Company LLC, and Próspera Arbitration Center LLC v. Republic of Honduras (ICSID Case No. ARB/23/2), which was brought by a United States investor following Honduras' repeal of the Zones for Employment and Economic Development by previous governments.

This withdrawal comes amongst a wider debate about the future of investor-state dispute settlement.

March 10, 2024

On March 10, 2024, India and the European Free Trade Association ("EFTA") signed the India-EFTA Trade and Economic Participation Agreement ("TEPA"). EFTA is a free trade association formed by four European States that are part of the European Single Market and Schengen Area, but fall outside the EU Customs Union: Iceland, Liechtenstein, Norway, and Switzerland.

Under TEPA, EFTA will make $100 billion of investments in a range of sectors in India, and gain access to the Indian market by lifting tariffs on a broad range of exports such as technology and pharmaceuticals. Indian exporters will also benefit from tariff concessions on a range of agricultural products such as rice.

The signing of TEPA comes in the context of a broader liberalisation of the Indian economy from an international trade perspective. In recent years, India has also signed free trade agreements with Australia and the United Arab Emirates.

The next step for TEPA is ratification by each of the signatory states.

April 24, 2024

On April 24, 2024, the EU Parliament voted in favour of the EU's ratification of the United Nations Biodiversity of Areas Beyond National Jurisdiction Treaty (also known as the "BBNJ Treaty" and "High Seas Treaty").

The High Seas Treaty is the third implementing agreement to the UN's Convention on the Law of the Sea and focuses on issues relating to environmental protection and biodiversity. The UN has identified four main issues to be addressed through the High Seas Treaty:

1. Marine Genetic Resources
2. Area-based Management Tools
3. Environmental Impact Assessments
4. Capacity Building and Transfer of Marine Technology

Although almost eighty nine countries have signed the High Seas Treaty, at the time of the EU Parliament's vote, only four countries had ratified the treaty: Belize, Chile, Palau, and Seychelles.

Following the vote by the EU Parliament, the Council of the EU will need to formally adopt the EU Parliament's decision after which the EU can deposit its instrument of ratification at the UN. Then, under EU law, the High Seas Treaty will fall to be individually ratified by each of the EU's Member States as signatories to the treaty.

April 28, 2024

On the 20th anniversary of the United Nations ("UN") Security Council's Resolution 1540, the UN Secretary-General António Guterres delivered a message on the non-proliferation of weapons of mass destruction.

In this address, the Secretary-General urged countries to "redouble their efforts to work together" to take measures and prevent non-State actors from acquiring weapons of mass destruction. Under Resolution 1540, the weapons of mass destruction targeted include nuclear, chemical, and biological weapons.

In February 2024, the 1540 Committee approved the appointment of five candidates to the Group of Experts. The 1540 Group of Experts support the effective implementation of Resolution 1540, including by providing their expertise to individual Member States.