Creation of Multinational Observatory Promoted in Ecuador

06.05.2014 - Prensa Latina

Creation of Multinational Observatory Promoted in Ecuador
(Image by wikipedia)

Quito, May 6 (Prensa Latina) Representatives of 11 Latin American countries promoted here today to the creation of a regional observatory that will allow nations defending against arbitrations and litigation with TNCs. As explained by the Ecuadorian Foreign Minister Ricardo Patiño at the opening of the meeting, the aim is to fulfill the commitment made at the first Ministerial Conference of Latin American States Affected by Transnational Interests, held last year in Guayaquil.

Patiño said the new body, which is expected to be officially established in the Second Conference scheduled for June in Caracas, seeks to set a database with updated information on arbitrations and litigations by TNCs against the countries of the region.

To underpin the objective need for a regional observatory, Patiño said that of the 439 cases registered with the International Centre for Settlement of Investment Disputes, 40 involve Latin American countries.

The body must also report the status of international disputes on investment at regional and global levels, and to study and support the creation of alternative mediation mechanisms for the fair, reasonable and final resolution of disputes between states and transnational corporations.

The preparatory meeting for the Second Ministerial Conference of States Latin American Affected by Transnational Interests was attended by delegations and ambassadors of El Salvador, Argentina, Mexico, Guatemala, Dominican Republic, Cuba, Venezuela, Honduras, Nicaragua, Bolivia and Ecuador.

Categories: Economics, South America
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