This treaty marks a significant step in Venezuela’s recent trend of executing BITs, particularly following its withdrawal from the ICSID Convention in 2012.
Panama has agreed to pay $26 million to settle a dispute with Dominion Mineral Corp. after losing an arbitration award in 2020 over the US mining company’s copper-gold exploration licences.
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.