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ARBITRATION WORLD World Investment Treaty Arbitration Update By Wojciech Sadowski and Patrycja Treder (Warsaw) In each edition of Arbitration World, members of K&L Gates’ Investment Treaty practice provide updates concerning recent, significant investment treaty arbitration news items. This edition features the re-opening of the discussions on the investor state dispute settlement mechanism in the Canada-Europe Trade Agreement and the decision of the ICSID annulment committee in Micula v. Romania. CETA REOPENED The negotiations between Canada and the EU on the Canada-EU Comprehensive Economic and Trade Agreement (“CETA”) were finalised in 2014. However, on 29 February 2016, Cecilia Malmström, the EU Commissioner for Trade and Chrystia Freeland, the Minister of International Trade of Canada, released a joint statement regarding the freshly introduced changes to the text of CETA. The amendment encompassed the provisions on the promotion and protection of foreign investments and in the joint statement its scope was summarised in the following words: “(…) Canada and the EU will strengthen the provisions on governments’ right to regulate; move to a permanent, transparent, and institutionalised dispute settlement tribunal; revise the process for the selection of tribunal members, who will adjudicate investor claims; set out more detailed commitments on ethics for all tribunal members; and agree to an appeal system”. Basically, the revisions implemented to the CETA text correspond to the Concept Paper entitled Investment in TTIP and beyond– the path for reform published by the European Commission on 5 May 2015. Canada and the EU now state that once the process of translation of the amended CETA text into French and 21 other EU official languages 21