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REPORT

Contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indonesia’s Past Experience with ISDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Cost of ISDS Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Impact of ISDS on Domestic Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment Court System as the Dispute Settlement System in EU-Indonesia FTA . . . . . . . . . . . Structure of the ICS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legitimacy of the ICS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . How Will It Differ for Indonesia? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cross-References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Abstract

International investment agreement (IIA) has long become a “trend” in the world, and Indonesia is no exception in following the trend. However, this “trend” comes as two-edged sword, at one side it did bring benefit to the country as in FDI and its’ spillovers, but on the other side, it contained the risk comes from the provision of investor to state dispute settlement (ISDS) within the text agreement. Indonesia involved in many ISDS cases throughout the decades since the liberalization of foreign investment in 1967. The new investment policy established in 2007 did not give any desirable effect in dodging the bullet of ISDS claims. Presently, Indonesia is still in ongoing process of negotiation with European Union on Comprehensive Economic Partnership Agreement. There is no publication on the draft of the agreement, but for sure the agreement will have provision on a new dispute settlement system which is called Investment Court System, and looking at the free trade agreement EU has entered with Canada, Vietnam, and Singapore, there is no doubt the provision will be more or less similar with those agreements. W. Setiawati (*) Faculty of Law, Universitas Indonesia, Depok, Indonesia e-mail: [email protected] © Springer Nature Singapore Pte Ltd. 2020 J. Chaisse et al. (eds.), Handbook of International Investment Law and Policy, https://doi.org/10.1007/978-981-13-5744-2_17-1

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