The present paper analyses the existing arbitration system under the ICSID Convention and explores what advantages and deficiencies the said system consists of. On the grounds of an objective appraisal of the positive and negative sides of the above-mentioned arbitration system, which are contained in the available literature, relevant to the topic, and selected arbitral practice, the proposed work explores how realistic the necessity of reforms of the said system is. Furthermore, based on the found results, the paper discusses the question whether the arbitration system under the ICSID Convention has to be only reformed or replaced as a whole. It argues that the system of rules, regulating the arbitration proceedings under the mentioned convention, has many deficiencies, but this in no way means that it has to disappear.
Keywords: Arbitration System, ICSID Convention, International Investment Law., Reforms
