UNASUR Arbitration Centre one step closer to being established
On January 19, 2016, experts from the Union of South American Nations (UNASUR) met in Montevideo, Uruguay, to finalize agreements regarding the proposed regional centre for the settlement of investment disputes. UNASUR is a regional intergovernmental organization of the 12 South American nations: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, and Venezuela.
The text establishing the dispute settlement centre, not yet public, was negotiated by foreign ministers, general attorneys, and finance ministers in the region, in consultation with central banks. Once approved by the 12 states, the proposed centre could emerge as a regional alternative to the International Centre for Settlement of Investment Disputes (ICSID).
