Here in Europe we are longing for the publication by the European Union of the list of pre-2009 BITs that its 27 Member States want to maintain in force or permit to enter into force with third States pursuant to Articles 2 and 4(2) of Regulation 1219/2012. This list will clarify the status of some 1,200 BITs entered into by EU Member States between 1959 and 2009 – undoubtedly a major event for international investment law. Continue reading
On 30 April 2013 Saudi Arabia and Japan signed an Agreement for the Promotion and Protection of Investment (BIT) within the framework of the official visit paid by Mr. Shinzo Abe, Japanese Prime Minister, to Saudi Arabia.
This article attempts to highlight the costs associated with bringing a case for arbitration at the International Centre for Settlement of Investment Disputes (ICSID) that the Parties will incur. Continue reading
UNCTAD has published a new edition of its statistics on investment treaty arbitration. Despite its title, “Recent Developments in Investor-State Dispute Settlement (ISDS)”, it just refers to investment treaty arbitration, as stated above, because an inquiry on investment disputes arising out solely of a contract between a foreign investor and a State entity is almost impossible to achieve (arbitration courts apply strict confidentiality on these matters). Continue reading
On 29th July 1993, BHP Minerals International Exploration Inc. (BHP) and the Balochistan Development Authority (BDA), a statutory corporation of the Province of Balochistan in Pakistan, entered into a Chagai Hills Exploration Joint Venture Agreement (CHEJVA) for exploration of deposits of gold, copper, and other minerals in the Chagai district of Balochistan. However, pursuant to two subsequent contracts, (i) an option Agreement and (ii) an Alliance Agreement with BHP, the Claimant, Tethyan Copper Company Pty Limited, a company constituted and registered under the laws of Australia and owned in equal shares by Antofagasta Plc, a company incorporated in the United Kingdom with its headquarters in Chile, and Barrick Gold Corporation, a company incorporated in Canada, took over from BHP the exploration activities in the Chagai Hills exploration area. Continue reading
March 2013 will be remembered as a month in which relevant FTA negotiations were launched or reinforced by accessions of powerful States. One of the most prominent actors in this period has no doubt been Japan as in just a couple of weeks it decided to join existing FTA talks for the Trans-Pacific Partnership (TPP) and launch FTA negotiations with the European Union (EU). Continue reading
Today we would just like to share with our readers some news coming from the current European tour of President Evo Morales of Bolivia. In this regard it is reported that, both in Vienna, Austria on 11 March 2013 and in Paris, France on 12 March 2013, Mr. Morales has defended the string of nationalizations decreed by the Bolivian Government in recent months. Continue reading
The EU has been very active in the promotion of free trade and investment during the last two weeks. Morocco, Peru, Ukraine or the United States of America have become or will become EU partners in those fields in the near future.
Now we would like to complete the scenario by pointing out the latest developments of EU initiatives with a further two developing countries: Myanmar and Vietnam. Continue reading
As already reported, on 18 February 2013 the Government of the Plurinational State of Bolivia agreed to expropriate and nationalize Servicios de Aeropuertos Bolivianos, S.A. (SABSA), a Bolivian company which was granted concessions to run airports in La Paz, Santa Cruz de la Sierra and Cochabamba. SABSA was ultimately controlled by Spanish companies Abertis and AENA from 2004 until the date of nationalization. Continue reading
The EU seems to be definitely committed to promoting worldwide free trade (and foreign direct investment) as a means to overcome the current economic crisis. Continue reading
On 1 March 2013 José Manuel Barroso, President of the European Commission, paid an official visit to Morocco. At the end of the round of meetings held with H.M. King Mohammed VI and Prime Minister Abdelilah Benkirane in Rabat, Mr. Barroso formally announced the launch of negotiations between the EU and Morocco for the conclusion of a so-called Deep and Comprehensive Free Trade Agreement or DCFTA (English for “Accord de Libre Échange Complet et Approfondi”).
On 28 February 2013 the European Commission announced the provisional application as of 1 March 2013 of the free trade agreement (the “FTA”) signed by the EU (and its 27 Member States) and Peru on 26 June 2012. Although the FTA was also signed by Colombia it will not be provisionally applicable with this country until Colombia ratifies it later this year. Continue reading
We would like to highlight that two oil and gas companies that sued Argentina at ICSID have announced new, multi-million investments in the country.
The Government of the Plurinational State of Bolivia has agreed to expropriate and nationalize Servicios de Aeropuertos Bolivianos, S.A. (SABSA), a Bolivian company which was granted concessions to run airports in La Paz, Santa Cruz de la Sierra and Cochabamba. SABSA was until the date of expropriation under control of two Spanish companies, Abertis (90%) and AENA (10%), through holding company TBI. Continue reading
The European Union and the United States of America have agreed to launch negotiations with the aim of entering into a free trade agreement to be called Transatlantic Trade and Investment Partnership (TTIP).
Official statements and news reports published during the last five days indicate that Germany reaffirms that the so-called Fraport case is not an obstacle for the deepening of trade and investment relations with the Philippines.
Such conclusion is the outcome of the official visit that German Foreign Minister Dr. Guido Westerwelle paid to the Philippines on 7-8 February 2013 where he met President Benigno Aquino and Foreign Secretary Alberto del Rosario.