Arbitration — Place of arbitration — Relevant factors — Neutrality of forum — Applicability of New York (1958) or Panama (1975) Conventions — Differences between two Conventions — Positions taken by Government of Canada in earlier proceedings — Whether relevant — Convenience of parties and counsel — NAFTA Articles 1122, 1130 — ICSID Arbitration (Additional Facility) Rules, Articles 20, 21

Arbitration — Jurisdiction — Successive arbitrations on the same claim — NAFTA, Chapter 11 — First arbitration commenced without valid waiver under Article 1121(2)(b) — First tribunal deciding that it lacked jurisdiction — Whether new proceedings permissible — NAFTA Articles 1120, 1121

Arbitration — Principles — Res judicata — Decision of first tribunal denying jurisdiction over claim — Whether precluding new arbitration on same claim — Interpretation of first tribunal’s decision — NAFTA Article 1136 — ICSID (Additional Facility) Rules, Article 53(4)

Arbitration — Procedure — Abuse of process — Successive proceedings relating to same claim — Whether Tribunal has inherent power to stay proceedings — No evidence of lack of bona fides — Second arbitration allowed to proceed

Arbitration — Procedure — Costs and expenses — Unsuccessful jurisdictional objection — Whether respondent should be required to pay costs and expenses in any event — Extent of Tribunal’s discretion — Dismissal of claim on the merits

Economics, trade and finance — International investment — Protection of investments — NAFTA Chapter 11 — Investor — Status of investor — Claimant owning or controlling investment in a holding company registered in a non-NAFTA State — Whether claimant possessing status of investor under NAFTA

Economics, trade and finance — International investment — Standard of treatment — Minimum standard — Fair and equitable treatment — NAFTA Article 1105 — Standard of review — Breach of contract — Whether reaching level of prohibited treatment — Effect of financial crisis on respondent State

Expropriation — Direct and indirect expropriation — Non-performance of a contractual obligation — Whether amounting to expropriation — NAFTA Article 1110