The initiative is the outcome of an investment-related decision by the bloc’s heads of state
Experts from the Union of South American Nations (UNASUR) are drafting (link in Spanish) the founding treaty for the bloc’s Investment Dispute Settlement Center.
Thus far, diplomatic representatives have made progress on areas such as the appellate procedure.
The initiative arose following certain countries’ dissatisfaction with the outcomes of bilateral and transnational litigation processes under the umbrella of the various bilateral investment treaties (BITs).
Present at the meeting were experts from Argentina, Brazil, Peru, Venezuela, Uruguay, Bolivia, Chile, and Ecuador, who discussed topics such as the recognition and implementation of arbitration rulings.