The UNCITRAL Transparency Rules 2013 are a significant step in
the dynamic development of international economic law. Transparency in treaty-based investor-State arbitration denotes a potential conflict of economic and political interests and a concept to resolve it. On one hand, there is the foreign private investor's interest in a swift, effective, and confidential resolution of a dispute relating to its investment (and the host State that is Party to the investment treaty, may or may not share this interest). On the other hand, political or public interests involved in the investment project might be better protected through more transparency of such arbitral proceedings. The following comments on the UNCITRAL draft Transparency Rules 2013 are written in honour of my old friend Don Wallace. Don's successful career as a law professor, legal author, practicing arbitrator, and chairman of the International Law Institute ("ILI") as well as the remarkable and lasting success of the ILI in international legal research and education mirror the vital role that law plays in fostering international cooperation and prosperity. I came to know Don in 1970 in Washington, D.C., when he became chairman of the ILI, at that time still named the "Institute for International and Foreign Trade Law" by its founder, Professor Heinrich Kronstein. In 1977, when I came again to Georgetown University Law Center as the first Heinrich Kronstein Visiting Professor, I could notice the remarkable progress the ILI in the meantime had made, and since then it has been a success story for both Don and the ILI. My best wishes for Don: ad multos annos!