The heavily criticized legal mechanism, known as ISDS, is an important tool for European companies to pressurize developing countries. This year Uganda joins the rank of developing nations asking themselves: “Why have we ever signed this?”
Perenco Ecuador Limited (Perenco)—a French-owned oil and gas company—and the Republic of Ecuador have been involved in arbitration since 2008 under the France–Ecuador bilateral investment treaty (BIT).
A spokesperson for the company Eurotunnel has revealed that the UK and French governments were required by a private arbitration tribunal to pay out nearly 24 million euros for failing to provide adequate security around the entrance to the Channel Tunnel between 1999 and 2002.
France’s Minister of State for Foreign Trade, Matthias Fekl, delivered a proposal for TTIP arbitration reform in Brussels yesterday, in which he recommended the creation of a European court to settle trade disputes.
An international arbitral tribunal has just ordered Argentina to pay nearly 400 million Euro to Suez because in 2006, after years of conflict, Argentina renationalized the water services in Buenos Aires.