BANGKOK: The Cabinet recently approved Thailand’s candidacy as a location for headquarters of the Advisory Centre on International Investment Dispute Resolution, to be chosen by the United Nations Commission on International Trade Law (UNCITRAL).
A Government House source said on Friday that the move was proposed by the Foreign Affairs Ministry, which co-hosted the Advisory Centre Operationalisation Meeting in Bangkok last month with the UNCITRAL Secretariat.
The ministry said the meeting discussed issues concerning the operationalisation of the Advisory Centre on International Investment Dispute Resolution. It added that by hosting this first informal meeting, Thailand has demonstrated its commitment towards ISDS (investor-state dispute settlement) reform, readiness and potential as the location for the Advisory Centre’s headquarters.
The Advisory Centre is an international organisation that aims to reduce disparity in resources and expertise between developed countries and developing countries in handling international investment disputes, the ministry said.
“Having the Advisory Centre headquartered in Bangkok will illustrate Thailand’s determination to adhere to international legal frameworks and commitment to investor protection. The establishment of the Advisory Centre in Thailand will help build confidence, as well as attract foreign direct investments and highly skilled workers to Thailand,” it said.
The location of the headquarters is expected to be approved by UNCITRAL at the United Nations General Assembly in the next 1-2 years. - The Nation/ANN
