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"ABSTRACTInternational Center for Settlement of Investment Dispute (ICSID) merupakan forumpenyelesaian sengketa investasi antara investor asing dengan negara penerimainvestasi (host state). Lembaga ini didirikan atas prakarsa dari International Bank forReconstruction and Development (IBRD) pada tanggal 18 Maret 1965 denganmembentuk Convention on the Settlement of Investment Disputes between States andNationals of Other States (Konvensi ICSID). Pada perkembanganya, prosespenyelesaian sengketa di ICSID menuai banyak kritik terutama dari negara-negaraberkembang. Kritik tersebut meliputi permasalahan arbiter yang dapat memiliki peranganda sehingga menimbulkan isu konflik kepentingan, permasalahan tidak adanyabatasan waktu sehingga mengakibatkan durasi waktu yang lama, permasalahan biayayang mahal untuk biaya penasihat hukum, biaya prosedural (legal cost) dan biayainsidentil lainya, dan implikasi adanya mekanisme pembatalan yang menyebabkantimbulnya isu kepastian hukum pada putusan. Permasalahan-permasalahan tersebutmerupakan permasalahan yang menjadi isu bagi negara berkembang termasukIndonesia. Kebijakan Pemerintah Indonesia terkait peninjauan Bilateral InvestmentTreaties (BIT) merupakan momentum yang tepat untuk mengkaji ulang keanggotaanIndonesia di ICSID, terkait Indonesia harus melakukan penarikan diri dari ICSIDataukah Indonesia harus tetap menjadi anggota ICSID dengan melakukan tindakantindakanyang sesuai.

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ABSTRACTInternational Center for Settlement of Investment Dispute (ICSID) is an investmentdispute resolution forum between foreign investors and host state. ICSID wasestablished by initiative of the International Bank for Reconstruction andDevelopment (IBRD) on March 18, 1965 to form the Convention on the Settlementof Investment Disputes between States and Nationals of Other States (ICSIDConvention). In its development, the process of dispute resolution in the ICSID gets alot of criticism, especially from developing countries. The criticisms include concernsthat the arbitrator may have a dual role which rise an issue of conflict of interest; nolimitation time which is stipulated in ICSID Convention resulting in long duration oftime; cost problems including cost of legal counsel, procedural costs (legal costs) andother expenses incidental cost; and implications of annulment mechanism that causesthe issue of legal certainty in the decision. These problems have become an issue fordeveloping countries, including Indonesia. Indonesian government's policy to reviewthe Bilateral Investment Treaties (BIT) is an appropriate moment to reviewIndonesia's membership in ICSID: either Indonesia must withdraw from ICSID orIndonesia should remain its membership by performing the appropriate actions."