Unasur to discuss creation of dispute resolution center

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Experts from the Union of South American Nations (Unasur) will meet in Ecuador next week to negotiate the creation of a regional body to solve controversies related to investments.

The Ecuadorian Foreign Affairs Ministry said that during the meeting, scheduled from March 28 to 31, delegates will analyze the agreement to constitute the UNASUR Center for Dispute Solutions.

Among the topics to be discussed by the experts are legal frame, object and jurisdiction of the body, as well as its functions, structure and financing, the Foreign Affairs Ministry said in a communiqué.

According to the text, the aim is creating, within UNASUR, a specialized, independent and impartial center that at the same time keeps balance between the State and investors interests.

The creation of the new institution was proposed by the Ecuadorian government in 2008 to replace systems like the International Centre for Settlement of Investment Disputes, ascribed to the World Bank, from which Quito withdrew in 2009.

Ecuador is the pro tempore president of the UNASUR working group on Resolving Investment Disputes since last August, Prensa Latina reported.

The regional bloc is formed by Argentina, Bolivia, Brazil, Colombia, Chile, Guyana, Paraguay, Peru, Surinam, Uruguay, and Venezuela. Experts will discuss the legal frame, object, and jurisdiction of the resolution center, among other topics.

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