One of the objectives of the Union of South-American Nations (UNASUR) is the creation of a regional dispute settlement centre to replace the International Centre for the Settlement of Investment Disputes (ICSID).
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.
La XI Reunión del Grupo de Trabajo de Expertos de Alto Nivel de Solución de Controversias en Materia de Inversiones de Unasur se realiza en Quito, del 23 al 26 de septiembre, en el Ministerio de Relaciones Exteriores y Movilidad Humana
Perhaps because so many countries in the region have faced multiple international investment arbitrations based on multi-million dollar claims for compensations, a number of alternatives to the current system of investment dispute resolution have been drawn up.
Given the substantial problems with the current ICSID framework and the large number of cases currently pending against Argentina, denouncing the SID Convention and leaving the ICSID is the best course for the country.
Exiting ICSID and joining ALBA and UNASUR,along with the customs restrictions it applied on its CAN neighbours, are the recent measures that have been taken by the government of Ecuador to demonstrate that there is an alternative trade policy.
La salida del CIADI, la incorporación a la ALBA y a la UNASUR, así como las restricciones arancelarias impuestas a sus vecinos de la CAN, son medidas tomadas recientemente por el gobierno ecuatoriano que muestran una política comercial alternativa.