NEWSLETTER-2019-metin

183 ARBITRATION LAW According to these grounds, termination of intra-EU bilateral investment treaties (“BITs”) and the establishment of a multilateral investment court have been promoted. This system is claimed to avoid the above-stated shortcomings through its permanency, transparency and cost-efficiency by avoiding duplicate work for each BIT 3 . Achmea Judgment In line with this notion, the Court of Justice of the European Union (“CJEU”) rendered its Achmea judgment on 6 March 2018 4 , by concluding on the incompatibility of the arbitration clause in the Netherlands-Slovakia BIT 5 with the primacy of the EU law, which was analysed in our previous article 6 . This judgment has been widely criticized within the arbitration community and has become major support for the Commission in its in- tensified invitation to the MSs on the termination of the intra-EU BITs 7 . 3 Shilpa, Singh J.: “ A New and Improved Investment Protection Regime: Truth Or Myth!” http://arbitrationblog.kluwerarbitration.com/2019/02/03/new-and-im- proved-investment-protection-regime-truth-or-myth/(Access date: February 2019). 4 The Judgment of the Grand Chamber of the CJEU: Slovak Republic v. Achmea B.V., Case C-284/16, https://www.italaw.com/sites/default/files/case-documents/ italaw9548_0.pdf (Access date: February 2019). 5 The Agreement on Encouragement and Reciprocal Protection of Investments be- tween the Kingdom of the Netherlands and the Czech and Slovak Federal Repub- lics, signed on 29 April 1991, entered into force on 1 October 1992, https://www. italaw.com/browse/international-investment-agreement-name?field_case_trea- ties_tid=383 (Access date: February 2019). 6 Birengel, Tilbe : “ Impact of the Achmea Judgement on Investment Arbitration, ” Erdem&Erdem Newsletter, October 2018, http://www.erdem-erdem.av.tr/publi- cations/newsletter/impact-of-the-achmea-judgment-on-investment-arbitration/ (Access date: February 2019). 7 Fouchard, Clément / Krestin, Marc: “ The Judgment of the CJEU in Slovak Republic v. Achmea – A Loud Clap of Thunder on the Intra-EU BIT Sky!” http:// arbitrationblog.kluwerarbitration.com/2018/03/07/the-judgment-of-the-cjeu-in- slovak-republic-v-achmea/; Risse, Joerg / Oehm , Max: “European Court of Jus- tice Stops Investment Arbitration in Intra-EU Disputes,” https://www.lexology . com/library/detail.aspx?g=4b933d32-d9ee-43c8-bff4-7aa39a2faa88; Pinsolle, Philippe / Michou, Isabelle : “ Arbitration: The Achmea v Slovakia Judgment of the CJEU, is it really the end of Intra-EU Investment Treaties?” https://www. quinnemanuel.com/media/1418711/the-achmea-judgement-ending-intra-eu-in- vestment-treaties.pdf (Access date: February 2019).