The Argentine government said it will try to annul a ruling by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in favour of US company CMS Energy Corp.
Scotiabank has filed a $600 million US compensation claim against Argentina, claiming that "discriminatory" actions taken by Argentine authorities led to the total loss of its investment in its Scotiabank Quilmes subsidiary in 2002.
Decision of ICSID Tribunal (July 17, 2003) in regard to objections to jurisdiction in CMS Gas Transmission Company vs The Republic of Argentina. CMS bases its claim against Argentina on a 1991 Argentina-US Bilateral Investment Treaty (BIT).
European Trade Commissioner Pascal Lamy said Tuesday a new round of talks between the European Union and Mercosur in Buenos Aires will be crucial if the negotiations are to be concluded as planned by October.
Negotiations on a free trade agreement between the European Union (EU) and the Mercosur countries (Argentina, Brazil, Paraguay and Uruguay) have entered their decisive stage.