Mexico signs the ICSID Convention

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Public Now | 12 January 2018

Mexico signs the ICSID Convention

The United Mexican States’ Secretary of the Economy, Ildefonso Guajardo Villarreal, today signed theConvention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention).

The ICSID Convention, which entered into force in 1966, establishes the institutional and legal framework for foreign investment dispute settlement. It was created to facilitate investment amongst countries by providing an independent, depoliticized forum for arbitration, conciliation and fact-finding. To date, the Convention has been signed by 162 countries, of which 153 have also ratified it.

Having signed the ICSID Convention, it must now be ratified before coming into force for Mexico.

’I am delighted that Mexico has taken this important step in supporting the ICSID Convention,’ said Meg Kinnear, ICSID’s Secretary General. ’It is a strong signal of Mexico’s commitment to the multilateral system of economic governance.’

Once a Member State, Mexico will participate in the governance of ICSID through representation on its chief governing body, the Administrative Council. Each ICSID Member State has one representative-and one vote-on the Administrative Council. Its responsibilities include passing rules of procedure for ICSID cases, and electing the ICSID Secretary-General and Deputy Secretaries-General. ICSID Member States also have the right to name arbitrators and conciliators to the ICSID Panels.
El Convenio del CIADI, que será enviado al Senado de la República para su ratificación, establece un mecanismo de arbitraje mediante el cual se pueden dirimir controversias entre inversionistas y Estados firmantes de este instrumento, a través de un esquema de transparencia procedimental y un mecanismo de anulación para laudos en casos específicos.

El Centro Internacional de Arreglo de Diferencias Relativas a Inversiones (CIADI) es una de las cinco organizaciones del Grupo del BM y busca facilitar la solución de diferencias relativas a inversiones entre Estados Contratantes a través de procedimientos de conciliación y arbitraje.

source : Public Now

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