Unasur discuss the creation of an Organism to resolve investment litigations.
In order to create the Center for Dispute Settlement in the Field of Investment, the representatives of the Union of South American Nations (Unasur) meet since yesterday, until Friday in Quito.
The Chancellor Ricardo Patiño inaugurated the VIII Meeting of the Experts Working Group of the Organism.
The Chancellor described as fundamental the subject that is analized in the meeting that encompasses not only the Bilateral Investment Treaties (BITs) but with any investment in general, although are not covered in these agreements.
“If there are conflicts between investors and states, it is important to have a judicial, regional, extraterritorial instance, which is not only Ecuadorian, which can attend and find solutions, in some cases through mediation, in others through arbitration veredict to disputes that could exist”, Patino said.
In this context, the main task of the experts from Unasur is to negotiate the Constitutive Agreement of the Center for Dispute Settlement, on topics such as their legal nature, the object and the jurisdiction of the center. In addition, functions, mechanisms, structure and financing.