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17 J. World Investment & Trade 1 (2016)

handle is hein.journals/jworldit17 and id is 1 raw text is: THE JOURNAL OF WORLD INVESTMENT & TRADE World ',€1 World BRILL 17 (2016) 1-6 Investent&T de NIJHOFF brill.com/jwit Editorial: US versus EU Leadership in Global Investment Governance Bridging the Trade/Investment-Divide; In this Issue; 2015 in Retrospect and Roll of Honor The start of the new year is a time to look both back and into the future. 2015 was an extremely busy and no less forward-looking year for international investment law and investor-State dispute settlement (ISDS). The Transpacific Partnership (TPP), the biggest mega-regional yet, has been successfully con- cluded and contains a reformed version of investor-state arbitration to settle investment disputes.1 In Europe, the focus is on the Commission's proposal to create a permanent investment court, as part of the Transatlantic Trade and Investment Partnership (TTIP) and beyond.2 Arbitration, by contrast, seems almost out of the question for the way there. With these starkly contrasting visions about the future of ISDS, it is probably no exaggeration to say that we are at a historic juncture regarding the future structure of investment gover- nance. While the United States, as indicated by TPP, favors in essence a con- tinuation of the loosely institutionalized system of one-off arbitration, although with additional safeguards and subject to transparency, Europe aims at building new institutions. Whose approach will succeed is not only a mat- ter of bargaining power on both sides of the Atlantic; it will be key to whose vision for governing international investment relations is more attractive at a global level. The United States, as often in international politics, is taking a pragmatic and realistic approach. Concerns about ISDS and regulatory space are taken into account as just one element in the much broader endeavor to integrate different national economies, including between developed economies, in order to have more open markets that benefit all participating actors. No doubt, i The text of TPP (final, but subject to legal review for accuracy, clarity and consistency) is available at <https://ustr.gov/trade-agreements/free-trade-agreements/trans-pacific -partnership/TPP-Full-Text> accessed 16 November 2015. 2 See European Union Proposal for Investment Protection and Resolution of Investment Disputes (12 November 2015) <http://trade.ec.europa.eu/doclib/docs/215/november/tradoc _153955.pdf> accessed 16 November 2015. SCHILL, 2016 1 DOI 10.1163/22119000-01701011 This is an open access article distributed under the terms of the Creative Commons Attribution- NonCommercial 3.0 Unported (CC-BY-NC 3.0) License, http://creativecommons.org/licenses/by-nc/3.0/

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