One of the objectives of the Union of South-American Nations (UNASUR) is the creation of a regional dispute settlement centre to replace the International Centre for the Settlement of Investment Disputes (ICSID).
The historic decision to break barriers to improve access to costly medicines was taken during the “First Extraordinary Meeting of the Ministers of the Common Market of the South (Mercosur).
Experts from UNASUR met in the Uruguayan capital Montevideo in order to finalize and sign agreements regarding the proposed center for investigation of international settlement dispute cases.
While bilateral free trade agreements, as a means to further the market-opening and rule-making agenda, have been globally picking up steam, there have also been parallel efforts to usher in a plethora of regional trade agreements and economic unions.
Next year, the South American Union of Nations (UNASUR) dispute settlement centre will start operating, announced the UNASUR Secretary General
The 11th meeting of the UNASUR Working group of highly qualified experts on investment dispute settlement took place in Quito from 23-26 September at the Ministry for External Affairs and Human Mobility.
Perhaps because so many countries in the region have faced multiple international investment arbitrations based on multi-million dollar claims for compensations, a number of alternatives to the current system of investment dispute resolution have been drawn up.
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.
Two projects of regional association are facing off in South America: the Pacific Alliance and UNASUR.
When the Paraguayan Senate approved the “political judgment” against Fernando Lugo on June 22, it unleashed the biggest political crisis in the Mercosur in the last 20 years. The dust still hasn’t settled, but it’s clear that nothing will be the same since the shake-up.
The Union of South American Nations resolved today to put in place a six-point Plan of Action to protect the region from the international crisis that is shaking Europe and the United States.
Exiting ICSID and joining ALBA and UNASUR,along with the customs restrictions it applied on its CAN neighbours, are the recent measures that have been taken by the government of Ecuador to demonstrate that there is an alternative trade policy.
Social organisations and popular movements of South America demand a genuine role in the decisions made regarding how UNASUR is designed and rolled out.
The social networks, social organisations and trade unions gathered together at the seminar: "UNASUR: conflicting interests" held in Rio de Janeiro, 12-13 March 2008 and reached the following conclusions