Missing Calvo? Latin America’s love-hate relationship with the Investment Treaty Regime
For decades, following the views of the Argentine legal scholar Carlos Calvo, Latin American countries avoided adopting international investment treaties. The Calvo doctrine established that disputes between foreign investors and the state should only be settled by national courts, to the exclusion...
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| Format: | Article |
| Language: | English |
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Graduate Programme in International Strategic Studies (PPGEEI)
2021-12-01
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| Series: | Revista Conjuntura Austral |
| Subjects: | |
| Online Access: | https://seer.ufrgs.br/ConjunturaAustral/article/view/113289/65259 |
| _version_ | 1818753277343301632 |
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| author | Lucas Silva Amorim Mariana Pimenta Oliveira Baccarini Henrique Zeferino de Menezes |
| author_facet | Lucas Silva Amorim Mariana Pimenta Oliveira Baccarini Henrique Zeferino de Menezes |
| author_sort | Lucas Silva Amorim |
| collection | DOAJ |
| description | For decades, following the views of the Argentine legal scholar Carlos Calvo, Latin American countries avoided adopting international investment treaties. The Calvo doctrine established that disputes between foreign investors and the state should only be settled by national courts, to the exclusion of international jurisdictions. This position eroded as numerous bilateral investment treaties (BITs) were signed during the 1980s and 1990s, exposing the countries of the region to investment lawsuits. Recently, a crisis of the investment treaty regime has been noticed in the region, with the denunciation of both BITs and the ICSID Convention, the non-recognition of arbitral awards, and the negotiation of a new model of investment treaties. The analysis of the historical process of rise and crisis of the investment regime in the region, through the review of documents and data on its effects, demonstrate that countries have taken measures to restrict the possibility of investor-State arbitration. In this sense, the region seems to be experiencing a return to Calvo's doctrine on the need to guarantee countries’ decision-making autonomy in strategic policies. |
| first_indexed | 2024-12-18T05:04:48Z |
| format | Article |
| id | doaj.art-d795896337774291ab3da21032a0964e |
| institution | Directory Open Access Journal |
| issn | 2178-8839 |
| language | English |
| last_indexed | 2024-12-18T05:04:48Z |
| publishDate | 2021-12-01 |
| publisher | Graduate Programme in International Strategic Studies (PPGEEI) |
| record_format | Article |
| series | Revista Conjuntura Austral |
| spelling | doaj.art-d795896337774291ab3da21032a0964e2022-12-21T21:20:03ZengGraduate Programme in International Strategic Studies (PPGEEI)Revista Conjuntura Austral2178-88392021-12-0112605365https://doi.org/10.22456/2178-8839.113289Missing Calvo? Latin America’s love-hate relationship with the Investment Treaty RegimeLucas Silva Amorim0https://orcid.org/0000-0002-8993-9967Mariana Pimenta Oliveira Baccarini1https://orcid.org/0000-0001-5429-1286Henrique Zeferino de Menezes2https://orcid.org/0000-0002-1385-7957Universidade Federal da ParaíbaUniversidade Federal da ParaíbaUniversidade Federal da ParaíbaFor decades, following the views of the Argentine legal scholar Carlos Calvo, Latin American countries avoided adopting international investment treaties. The Calvo doctrine established that disputes between foreign investors and the state should only be settled by national courts, to the exclusion of international jurisdictions. This position eroded as numerous bilateral investment treaties (BITs) were signed during the 1980s and 1990s, exposing the countries of the region to investment lawsuits. Recently, a crisis of the investment treaty regime has been noticed in the region, with the denunciation of both BITs and the ICSID Convention, the non-recognition of arbitral awards, and the negotiation of a new model of investment treaties. The analysis of the historical process of rise and crisis of the investment regime in the region, through the review of documents and data on its effects, demonstrate that countries have taken measures to restrict the possibility of investor-State arbitration. In this sense, the region seems to be experiencing a return to Calvo's doctrine on the need to guarantee countries’ decision-making autonomy in strategic policies.https://seer.ufrgs.br/ConjunturaAustral/article/view/113289/65259international investment agreementsinvestment treaty regimelatin americacalvo doctrinepolicy diffusionacordos internacionais de investimentoregime dos tratados de investimentoamérica latinadoutrina calvodifusão de políticas |
| spellingShingle | Lucas Silva Amorim Mariana Pimenta Oliveira Baccarini Henrique Zeferino de Menezes Missing Calvo? Latin America’s love-hate relationship with the Investment Treaty Regime Revista Conjuntura Austral international investment agreements investment treaty regime latin america calvo doctrine policy diffusion acordos internacionais de investimento regime dos tratados de investimento américa latina doutrina calvo difusão de políticas |
| title | Missing Calvo? Latin America’s love-hate relationship with the Investment Treaty Regime |
| title_full | Missing Calvo? Latin America’s love-hate relationship with the Investment Treaty Regime |
| title_fullStr | Missing Calvo? Latin America’s love-hate relationship with the Investment Treaty Regime |
| title_full_unstemmed | Missing Calvo? Latin America’s love-hate relationship with the Investment Treaty Regime |
| title_short | Missing Calvo? Latin America’s love-hate relationship with the Investment Treaty Regime |
| title_sort | missing calvo latin america s love hate relationship with the investment treaty regime |
| topic | international investment agreements investment treaty regime latin america calvo doctrine policy diffusion acordos internacionais de investimento regime dos tratados de investimento américa latina doutrina calvo difusão de políticas |
| url | https://seer.ufrgs.br/ConjunturaAustral/article/view/113289/65259 |
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