Iryna Nazarova, Asters partner and head of Litigation practice group, has recently participated in the 18th Economic Forum, a major economic event in Central Eastern Europe, often referred to as Davos of CEE organized by the Foundation Institute for Eastern Studies in Krynica-Zdroj, Poland, 10-13 September 2008.
This year the Forum was to solve the dilemma faced by Europe: "Is Europe an active partner or a passive spectator?" and offered a renowned platform for discussion on a wide array of issues: economy, politics, international security and society.
Iryna Nazarova took part in the discussion panel "Investment Agreements and Arbitration: Driver of Reform or Assault on Sovereignty" and delivered a report entitled "Causes of Conflicts between Investors and the State of Ukraine". In her report, Mrs. Nazarova referring to examples in practice managed to disclose the main causes of conflicts between investors and the state of Ukraine, as well as offered a number of steps to be taken to reduce the conflict in future and in general to improve the investment climate of Ukraine.
Following up the panel Gordon Jansen, Senior Policy Advisor on trade and investment policy to the Province of Ontario (Canada), moderator of the panel, said: "Our unenviable task was to make a very few key points about what is a very complex and technical issue. I hope we can make treaty arbitration and investment disputes an ongoing theme at the Economic Forum. Over the past few years, these treaties and the investment disputes adjudicated under them have caught the attention of our political leaders and the general public, whereas they used to concern only those in the legal profession. Having more debate about the public policy issues concerning investment treaties and the consequences of the disputes they engender serves to broaden understanding and ultimately improve the governance of public administration."
To share her impressions from participating in the Forum, Mrs. Nazarova notes: "Having signed Bilateral Investment Treaty, the state realized its sovereignty by consent expression to be bound by legal award in which the state is a party. To reduce the risks of the claims brought by investors versus our state, Ukraine, inter alia, requires alternative means of disputes resolution. This issue was raised from our side and discussed during Forum. It is worth noticing, that Forum provided with an opportunity to discuss causes of conflicts between investors and states and to exchange with mutual experience."
The Economic Forum held in Krynica, Poland, is an economic event of international value. Every year the Forum is attended by approximately 2.000 guests representing nearly 60 countries from Europe, America and Asia, including high-ranks politicians, government-parliamentary delegations, heads of central institutions, businessmen, economic and non-governmental organizations. The main goal of the Forum is to develop and strengthen dialogue and cooperation among European Union countries and their neighbors and partners.