Latin America countries have signed over 650 trade agreements. They have been the most targeted by investor-state disputes (ISDS). About 35% of all ICSID arbitration cases have involved a Latin American state.
Argentina itself has faced almost 60 ISDS disputes, about 9% of all cases, making it the most targeted state globally. Venezuela, Mexico and Ecuador have been among the ten most frequent respondents in the world.
Well-known cases such as Chevron vs. Ecuador or Pac Rim vs. El Salvador have originated in significant environmental damages caused by corporations. Philip Morris is currently suing Uruguay over its anti-tobacco law.
Besides, Chile, Mexico and Peru are party to the Trans-Pacific Partnership (TPP) with nine other Pacific Rim states. Its investment chapter has revealed the inclusion of ISDS provisions that would undermine public health, the environment and other public-interest ‘safeguards’.
The most well-known cases include:
• Chevron (US) vs. Ecuador: in 2013, an arbitration court ordered Ecuador to pay Chevron US$106 for breach of contract (Ecuador-United States BIT invoked). Meanwhile in a separate case, Ecuador’s highest court fined the oil giant US$9.5 billion for dumping billions of gallons of toxic waste into the rainforest. Both cases are unresolved.
• Occidental Petroleum Corporation “Oxy” (US) vs. Ecuador: in 2012 Ecuador was ordered to pay US$1.77 billion to the investor, an oil exploration and production company, for breach of contract. Sentence was reduced to US$1 billion in November 2015 (Ecuador-United States BIT invoked).
• National Grid PLC (United Kingdom) vs. Argentina: about US$50 million awarded in 2008 to the investor, a multinational electricity and gas utility company (Argentine-United Kingdom BIT invoked).
(October 2015)
0 | ... | 40 | 50 | 60 | 70 | 80 | 90 | 100 | 110 | 120 | ... | 920
