Given the substantial problems with the current ICSID framework and the large number of cases currently pending against Argentina, denouncing the SID Convention and leaving the ICSID is the best course for the country.
Argentina has agreed to settle five separate investment treaty arbitration claims at a cost of around USD 500 million, in an historic departure from the Latin American state’s refusal to comply with awards made by international investment treaty arbitration bodies.
ATTAC Argentina declare that we reject the offer made by the Argentine government to pay 500 million dollars to five transnational corporations that sued our country before the International Centre for the Settlement of Investment Disputes (ICSID).
Why do we continue to be bound to this investment protection regime when it is not a determinant of FDI and makes it harder for us to retain our resources?
Concerns about objectivity and accountability of investment dispute arbitrators have prompted calls for tougher ethical guidelines as caseloads have exploded.
Argentina’s Supreme Court revoked a US$19 billion embargo on the assets and future income of Chevron Corp.’s Argentina subsidiary, giving the US oil giant a victory in a decades-old battle with indigenous groups in Ecuador.
The Minister of Development, Industry and Foreign Commerce, Fernando Pimentel, suggested that Brazil could postpone the date the auto parts and automobile free trade agreement between Brazil and Argentina will become effective - the scheduled date is July.
Argentine president Cristina Fernandez downplayed immediate discussions for the trade and cooperation agreement between EU and Mercosur arguing that the South American block should elaborate and discuss new proposals to be presented to the Europe Union on the last quarter of this year.
Argentina faces 42 claims at the World Bank’s ICSID in which the plaintiffs are demanding compensations for almost 65 billion dollars, revealed Eduardo Barcesat legal advisor to the Argentine Treasury and one of several lawyers who has defended the country in those litigations.
The neoliberal political plan, of which BITs are an integral and specific component, is highly incompatible with the nation-state and furthermore with the national-democratic state.
During a public hearing, a member of parliament, Claudio Lozano made the request to follow in the footsteps of countries such as China, India and Brazil, all countries that have not ratified bilateral investment treaties.
It is necessary to debate these issues and raise awareness on the effects of foreign investment, on the implications of BITs and ICSID as a means of consolidating our dependency.
The Azerbaijani and Argentine foreign ministers signed an intergovernmental agreement on cooperation in trade-economic sphere.
Brazil on Monday escalated a growing trade fight with Argentina by increasing the bureaucratic obstacles for importing about 10 perishable products including apples, raisins, and potatoes, a senior Brazilian government official told Reuters.
As long as States, like Argentina and many others, accumulate a large amount of cases against them or obtain sistematically wrong results before ICSID arbitrators — which is the rule, with a very few exceptions — it is possible that the list of ICSID withdrawals will increase in the Americas.
The European Union has warned Argentina that it risks jeopardizing trade ties over Buenos Aires’ plans to expropriate a unit of Spanish oil company Repsol YPF SA (REP.MC) and impose a series of import restrictions and that Brussels stands ready to take retaliatory action.
Argentina’s move to nationalize a 51% stake in the country’s YPF oil company from Spain’s Repsol this week may hamper efforts to finalize free-trade talks between the European Union and the Mercosur trade bloc later this year, European officials said Friday.
President Cristina Fernández de Kirchner questioned US president Barack Obama’s recent decision to suspend trade benefits for Argentina, while complaining that “we can’t even manage to get one of our lemons to enter the US market.”
Trade frictions are on the rise between Washington and Buenos Aires, after US President Barack Obama announced that the US would be suspending Argentina from its Generalised System of Preferences programme for failure to pay arbitration awards in two disputes involving US investors.
U.S. President Barack Obama said on Monday he was suspending trade benefits for Argentina because of the South American country’s failure to pay more than $300 million in compensation awards in two disputes involving American investors.