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[Freely translated by Anoosha Boralessa for bilaterals.org]
UNASUR representatives analyse the Agreement Establishing the Centre for Investment Dispute Settlement
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. The acting minister, Leonardo Arizaga, welcomed the representatives from Argentina, Bolivia, Chile, Ecuador, Paraguay, Peru, Uruguay and Venezuela.
During the 10th meeting, which took place in Quito on 22 August, progress was made on the following issues: definitions, the jurisdiction of the Centre, recognition and execution of awards. The meeting also discussed the creation and the features of a court or permanent commission, whichever is needed.
The acting Minister stressed the need to create a Regional Centre for Dispute Settlement to allow countries to defend themselves against abuses committed by transnational corporations.
He also highlighted that the Centre for Dispute Settlement for the Union of South American Nations would be established as a specialized, independent and impartial sovereign authority to resolve investment disputes so that a balance between the interests of investors and states was maintained.