International trade and investment dispute settlement in the Asia-Pacific region: inspiring the new Asian regionalism

Abstract

ABSTRACT The economic integration taking place among the Asia-Pacific countries is unique and transformative. The new Asian regionalism represents the collective power of the Asia-Pacific countries with ASEAN at its centre and a regime underpinned by hard law fostered by comprehensive trade and investment agreements. While ASEAN countries are committed to the ASEAN way of dispute settlement, the participation of the Asia-Pacific region in mega-regionals, such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Economic Partnership, has resulted in certain unique features with consultation, negotiation, and mediation forming an essential feature of dispute settlement within the Asia-Pacific region. While law is integral to the Asian regionalism, soft approaches including negotiation, conciliation, and mediation makes it distinctive, effective, and cohesive. This article examines how these evolving features of dispute settlement in trade and investment contribute to the Third Regionalism or the New Regional Economic Order.