As was anticipated Mercosur senior members Argentina and Brazil proposed Friday an increase of the common external tariff, (AEC) for certain products, and as was expected junior members Uruguay and Paraguay rejected the idea.
His Majesty King Abdullah and Argentinean President Cristina Kirchner on Wednesday discussed prospects for a free trade agreement (FTA) between the two countries. They said that Jordan’s framework deal with MERCOSUR, a regional trade agreement between Argentina, Brazil, Paraguay and Uruguay, paves way for the FTA with Argentina.
Uruguay’s Economy minister Danilo Astori criticized export taxes and complained the fact Mercosur has allowed Argentina to apply them when “we all know this is a simple manipulation of the economy” which also has political effects.
Amid the noisy battering the North American Free Trade Agreement (Nafta) is taking from both Democratic presidential hopefuls, one recent statement from Hillary Clinton was particularly resonant. "We will have a very clear view of how we’re going to review Nafta," the New York senator said. "We’re going to take out the ability of foreign companies to sue us because of what we do to protect our workers."
Everything was in place for the beginning of the end of the long-running conflict: a friendlier face about to be sworn in as president in Argentina, a tiny bit of flexibility on the part of Uruguay, a few points of agreement, and a Spanish mediator appointed by the King.
Facing a flood of unfavorable arbitration rulings, Argentina is shifting from a legal strategy to a diplomatic one in a bid to dismiss billions of dollars in foreign investor claims arising from its 2002 financial crisis.
The International Centre for Settlement of Investment Disputes in Washington DC has awarded Sempra Energy approximately $172 million, including interest, to settle a 2002 dispute involving the company’s 43-percent ownership in two Argentine natural gas holding companies, Sodigas Pampeana and Sodigas Sur.
French media and telecoms group Vivendi said on Tuesday it had been awarded $105 million in compensation at the end of a decade-long dispute with Argentinian authorities about a former water concession.
Mexico’s entry to Mercosur is “essential,” President Néstor Kirchner insisted yesterday after a meeting with his Mexican peer Felipe Calderón in Mexico City.
When Bolivian President Evo Morales took office in January 2006, he pledged to follow through on his campaign pledge to increase Bolivians’ share of revenues from their major source of foreign income, natural gas. International gas companies, however, threatened to sue. Previous Bolivian governments had signed a flurry of bilateral investment treaties that gave foreign investors the right to bypass domestic courts and file such lawsuits through international tribunals. Morales complained that these rules made him feel like a “prisoner” in the presidential palace.
A new accord between Argentina and Mexico has come in force as from January 1st whereby they increased to about 1,500 the number of bilateral trade products with a sliding scale that will lead to zero tariff in ten years time, Argentina`s Foreign Affairs ministry said.
The US government’s announcement that it will review the possibility of limiting, suspending, or withdrawing trade preferences under the General System of Preferences (GSP) to three Latin American countries—Argentina, Brazil, and Venezuela—is political pressure to make these nations participate in the model of regional integration proposed by the United States.
Former Enron Corp. (ENE) water unit Azurix Corp. has been awarded $165 million against Argentina in the latest ruling on dozens of international arbitration claims brought against the country by foreign companies.
A person familiar with the situation confirmed Tuesday that both parties were informed Monday of the decision by a tribunal at the International Center for the Settlement of Investment Disputes, or the ICSID.
The Southern Common Market Claims Court is hearing Uruguay’s case against Argentina due to road blocks by Argentinean citizens on international routes.
The United Nations’ highest court has ruled that Uruguay does not have to suspend building two giant pulp mills that neighbouring Argentina says will harm the environment.
Mexico and Argentina signed an extended trade and investment agreement Thursday increasing the number of products given preferential tariff treatment by the two countries.
The Ministers of Health of ten South American countries issued a
joint declaration on intellectual property committing themselves to
avoid "TRIPS plus" provisions in bilateral and regional trade agreements,
to facilitate the use of compulsory licensing and parallel importing and to
avoid broadening the scope of patentability and the extension of
The economic strength of the United States makes it "virtually impossible" for developing nations to negotiate a fair bilateral free-trade agreement, according to Argentina’s new ambassador to Thailand.
Under an investment treaty signed by Uruguay and Finland in 2002, Uruguay would have to pay heavy damages if it ordered the suspension of work on the Botnia factory.
Mercosur is becoming more of a political body than a free-trade advocacy group.