Thank you, Mr. Chairman. The Standing Committee on Social Programs conducted its public review of Bill 2, Settlement of International Investment Disputes Act, on May 25, 2009. Bill 2 will allow for the adoption of the convention on the Settlement on Investment Disputes between States and National of Other States. The Settlement of

International Investment Disputes Act will allow parties to use the rules for arbitration or conciliation under this convention to settle disputes that deal with international investments. The use of the convention is voluntary, however, once the parties have agreed to use the mechanisms and a decision has been made, the contracting states are required to have mechanisms in place to enforce any award that has been granted as an outcome of arbitration or conciliation. This bill allows the Supreme Court of the Northwest Territories to have jurisdiction and powers with respect to the recognition and enforcement of such awards.

Following the committee’s review, a motion was carried to report Bill 2, Settlement of International Investment Disputes Act, to the Assembly as ready for Committee of the Whole. This concludes the committee’s opening comments on Bill 2. Individual Members may have additional questions or comments as we proceed. Thank you, Mr. Chairman.