The Expert Group tasked with studying the establishment of a permanent mechanism for resolving disputes arising from the Organization of Islamic Cooperation (OIC) Agreement on the Encouragement, Protection, and Guarantee of Investments held its third meeting today, Tuesday, October 8, 2024, in Istanbul, Republic of Turkey. This meeting comes in implementation of the resolution of the Council of Foreign Ministers issued during its 50th session, held in Yaoundé on August 29-30, 2024. The two-day meeting brings together experts representing member states to continue the discussions initiated in Casablanca during the first and second meetings of the group on the available options for establishing a permanent mechanism for settling investment disputes.
During the opening session of the meeting, Ambassador Dr. Hassan Ali, Director of Legal Affairs, delivered a speech on behalf of His Excellency the Secretary-General. He began by expressing gratitude to the President of the Republic, the government, and the people of Turkey for their generous hospitality and fruitful cooperation with the General Secretariat in all fields. His Excellency then highlighted the rapid developments in the field of international investment and the importance of keeping pace with these changes within the framework of the Organization of Islamic Cooperation (OIC) by establishing a mechanism for resolving investment disputes. He also emphasized the need to move forward with a comprehensive review of the Agreement on the Encouragement and Protection of Investment, based on a proposal by the Kingdom of Saudi Arabia calling for the modernization of this agreement, which dates back to 1981. The goal is to enable the agreement to achieve the OIC's objectives of enhancing economic cooperation among member states and providing a legal framework to protect and encourage investments.
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