Colombia’s President said that Colombia will try to renegotiate the Free Trade Agreements with the European Union and the United States, concerning arbitration prerogatives based on national law.
Investor-state dispute settlement (ISDS) courts are a legal mechanism that allow corporations to sue governments for decisions which they claim impact their profits — including environmental protections.
Spanish telecoms company Telefonica said that the World Bank’s International Centre for Settlement of Investment Disputes had ordered the Colombian government to pay it $380 million as part of an arbitration process.
Large-scale mining projects highlight complex tensions between states, foreign investors, and local communities, leading to environmental and social risks for communities.