Opinion 1/17 in Light of Achmea: Chronicle of an Opinion Foretold?

The Achmea judgment of the Court of Justice (judgment of 6 March 2018, case C-284/16 [GC]) indicates that two Member States cannot set up an investor-to-state dispute settlement mechanism via a bilateral investment agreement inter se. Does this imply that the Union cannot set up an international investment tribunal through an agreement with a third State? The Court will rule on this issue in Opinion 1/17, dealing with the compatibility between the Canada-EU Comprehensive Economic and Trade Agreement (CETA) and EU Treaties. The present Overview suggests that the Court drafted Achmea having Opinion procedure 1/17 in mind. However, the Achmea judgment is ambiguous: the Court implicitly distinguished Achmea from CETA but elaborated a test potentially applicable to all investment tribunals, including the CETA Tribunal, which is at issue in Opinion procedure 1/17. Should the Court apply the Achmea test in Opinion 1/17, the fate of the CETA Tribunal might be all but sealed.