The Legal Requirements for ICSID Jurisdiction in Settling IraqiInvestment Disputes- A Study of Conditions for Admissibility of Claims and Written Consent to Arbitration-

Abstract

The International Centre for Settlement of Investment Disputes (ICSID) is an institution of the World Bank, established under the Convention on the Settlement of Investment Disputes between States  and Nationals of Other States of 2  1965, known as the Washington Convention, which entered into force on October 14, 1966. Iraq acceded to the Convention relatively recently, pursuant to Law No. 64 of 2012, and further signed the ICSID Convention on November 17, 2015, becoming the 160th signatory and the 152nd member state  .
Accession to the Convention and the Centre for the resolution of commercial disputes is a crucial instrument for attracting foreign direct investment and a cornerstone of Iraq’s economic development, particularly given the prevailing economic challenges. To this end, Iraq endeavors to enhance its investment climate and provide legal safeguards to foreign investors. The Republic of Iraq’s accession to ICSID is a strategic move in this direction, offering an international legal framework for resolving investment disputes and fostering confidence in the Iraqi investment environment.
This research aims to elucidate the key legal requirements for ICSID jurisdiction, specifically concerning the conditions for the admissibility of Iraqi investment claims and the prerequisites for written consent to arbitration. It examines the compatibility of these requirements with Iraqi commercial investments and the Iraqi Investment Law No. 13 of 2006, as well as the mechanisms for resolving related disputes, particularly within the realm of commercial arbitration.