2. In furtherance of paragraph 1, the Member States shall endeavour, to the extent practicable, to adhere to the internationally-recognised standards as set out in the ECOWICPF when adopting their national legal, regulatory, and institutional frameworks.
Article 52. Regional Investment Promotion
(1) | Member States are encouraged to establish by national legislation investment promotion agencies to facilitate the inflows of investment to their territories. The independence of such agency shall be guaranteed by law.
(2) National Investment Promotion Agencies shall cooperate towards the implementation of this Code by harmonizing practices and policies especially investment incentives. In this regard, ECOWAS Commission shall establish a Regional Investment Promotion Agency on a Public Private Partnership basis.
Chapter 16. DISPUTE SETTLEMENT MECHANISMS
Article 53. State-State
(1) Any dispute between Member States regarding the implementation of this Code shall be resolved through the use of consultations, good offices, mediation, conciliation or any other agreed dispute resolution mechanisms.
(2) Where the parties are unable to resolve dispute through the preceding methods, they may proceed to arbitration.
(3) Where recourse is made to arbitration, the arbitration may be conducted at any established public or private alternative dispute resolution centres or the arbitration division of the ECOWAS Community Court of Justice. Member States are encouraged to utilise regional and national alternatives dispute settlement institutions.
(4) Where the Member States are unable to resolve any dispute regarding the interpretation and application of this Code through any of the preceding methods, they may refer the matter to the ECOWAS Community Court of Justice whose decision shall be final.
Article 54. State-Investor or Investor-Investor
(1) Any dispute between a Member State and an investor or between investors may be resolved through the use of consultations, good offices, mediation, conciliation, arbitration or any other agreed dispute resolution mechanism.
(2) Where recourse is made to arbitration, the arbitration may be conducted at any established public or private alternative dispute resolution centres or the arbitration division of the ECOWAS Court of Justice. Member States and investors are encouraged to utilise regional and national alternatives dispute settlement institutions.
(3): Where recourse is made to arbitration, the rules of procedure of the relevant forum shall be applicable, including rules for the submission of claims, selection of arbitrators and conduct of the arbitration.
(4) Except where the investment contract between a Member State and an Investor provides for the use of international mechanisms such as ICSID or UNCITRAL, parties to the investment contract shall exhaust all local remedies including the ECOWAS Court of Justice or national dispute settlement systems, before resorting to the international mechanisms.
Article 55. Enforceability of Final Awards
(1) The final awards or decisions on investment disputes made by arbitration panels and judicial bodies shall be enforceable. To this end, decisions or awards rendered in another Member State shall be enforced as if there were decisions or awards rendered by a judicial body or arbitration panel located in a Member State requested to enforce the award or decision.
(2) Decisions of ECOWAS Court of Justice shall be enforced in accordance with its own rules and existing protocols.
Article 56. Interpretation and Application
Any dispute regarding the interpretation and application of this Code shall be referred to the ECOWAS Court of Justice whose decision shall be final.
Article 57. Access to the ECOWAS Court of Justice
For the purposes of instituting or maintaining any action under chapter 16 of this code, access to the ECOWAS Court of Justice is open to Member States, ECOWAS Institutions, corporate bodies, investors and individuals.
Chapter 17. REGIONAL MONITORING STRUCTURE
Article 58. Implementation
(1) Member States shall adopt such appropriate measures that are necessary to ensure that any obligation arising from this Code is fulfilled.
(2) Member States shall co-operate in addressing any impediment that may arise as a result of any action, or lack thereof, by any Member State on issues having a material bearing on the implementation of this Code.
(3) Member States shall publish all relevant measures which pertain to or affect the implementation of this Code.
(4) Member States should respond promptly to all requests by any other Member State and or by the Commission for specific information on any of its measures covered under this Code.
Article 59. Monitoring Structure
(1) For the purpose of administration, implementation and monitoring of the provisions of this Code, the Community shall in accordance with Article 25 of the ECOWAS Supplementary Act on Investment Rules, establish the necessary regional structure.
(2) The ECOWAS Common Investment Market Council shall identify and establish the relevant mechanisms to assist Member States to implement the provisions of this Code.
(3) The ECOWAS Commission shall act as the Depository for the Lists of scheduled investment sectors of Member States in accordance with the relevant obligations under this Code.
(4) The ECOWAS Commission shall regularly update and publish the Lists of scheduled investment sectors to Member States and investors
Chapter 18. MISCELLANEOUS MATTERS
Article 60. Observer Status
Representatives of investors within the Community may be allowed observer status at meetings of ECOWAS institutions in accordance with the existing rules and regulations.
Article 61. Amendments and Revisions
(1) Any Community Institution may submit proposals for the amendment or revision of this Community Investment Code.
(2) Proposals for amendment or revision shall be submitted to the Commission. The Commission shall forward such proposals to Member States not later than thirty (30) days after receipt. Upon expiration of the thirty (30) days the Authority of Heads of State and Government shall examine the proposal and if approved shall be adopted by the Authority of Heads of State and Government in accordance with the provisions of Article 9 of the ECOWAS Treaty.
Article 62. Entry Into Force and Publication
This Code shall be published by the ECOWAS Commission in the Official Journal of the Economic Community of West African States within thirty (30) days of its signature by the Chairman of the Council of Ministers. It shall also be published by each Member State in its National Gazette within thirty (30) days after notification by the Commission.
Article 63. Transitional Provision
In order to ensure the participation of all Member States in the implementation of this Code, there will be a transition period of 5 years, to provide Member States the necessary flexibility to address developmental needs and other economic concerns that they face in the normal and smooth implementation of this Code.
Article 64. Relationship with other Investment Agreements
(1) Where there are differences or inconsistencies in the provisions of this code and other legal instruments under the ECOWAS Treaty, the provisions of this code shall prevail to the extent of the differences and inconsistencies.
(2) Member States shall ensure that all future investment agreements to which they may become Party are fully consistent with the code.
(3) In the case of a conflict between this Code and any intra-African BIT, investment chapter under any intra-African trade agreement, or regional investment arrangements, this Code shall prevail.
Article 65. Language of Publication
(1) This Code shall be published in the official languages of the Community, namely:
English, French and Portuguese.
(2) The authentic texts of this Code are in English, French and Portuguese.