International Investment Law in Latin America / Derecho Internacional de las Inversiones en América Latina

Problems and Prospects / Problemas y Perspectivas


With the bilingual volume International Investment Law in Latin America: Problems and Prospects, Attila Tanzi, Alessandra Asteriti, Rodrigo Polanco Lazo and Paolo Turrini provide a regional perspective on one of the liveliest branches of international law by situating it in one of the most dynamic areas of the world.

Latin America has always had an ambivalent relationship with international investment law and, more recently, it has been the home of harsh and resolute criticisms, questioning the ultimate legitimacy of the regime. By bringing together distinguished scholars of this legal field, the volume analyses ongoing trends and draws lessons from the Continent’s past experiences while identifying possible solutions to the important challenges it faces.

Con el volumen bilingüe Derecho Internacional de las Inversiones en América Latina: Problemas y Perspectivas, Attila Tanzi, Alessandra Asteriti, Rodrigo Polanco Lazo y Paolo Turrini tienen por objetivo proporcionar una perspectiva regional para una de las ramas más vigorosas del derecho internacional, situándola en una de las áreas más dinámicas del mundo.

Latinoamérica siempre ha tenido una relación ambivalente con el derecho internacional de inversiones y, más recientemente, ha sido el hogar de duras y decididas críticas en su contra, cuestionando la legitimidad última del régimen. Al reunir a distinguidos estudiosos de este campo legal, tanto de América Latina como de fuera de la región, este volumen analiza esta actual tendencia, extrayendo lecciones de las experiencias pasadas del continente e identificando posibles soluciones a los desafíos importantes que ahora enfrenta.

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Attila Tanzi, Ph.D. (1987, University of Rome “La Sapienza”), is Chair of International Law at the University of Bologna. He has been active in international litigation as counsel or arbitrator and has published on international responsibility, foreign investment law, environmental law and jurisdictional immunities.

Alessandra Asteriti, Ph.D. (2011, University of Glasgow), is Junior Professor of International Economic Law at Leuphana University and Post-doc Research Associate at the University of Glasgow. She has published in the areas of international investment law, legal theory and European law.

Rodrigo Polanco Lazo, Ph.D. (2015, University of Bern), LL.M. (New York University), Bachelor and Master of Laws (University of Chile), is a Lawyer, Assistant Professor of International Economic Law at the University of Chile, and Post-doc Research Scholar and Lecturer at the World Trade Institute – University of Bern. He has published in the areas of investment law, trade law and environmental law.

Paolo Turrini, Ph.D. (2013, University of Florence), is Post-doc Research Scholar at the School of International Studies of the University of Trento and collaborates with the Chair of International Law of the University of Bologna, School of Law.
"International Investment Law in Latin America/Derecho Internacional de las Inversiones en América Latina is an exceptional volume, bringing together numerous scholars from different legal cultures. It is a comprehensive and thorough study covering an indisputably broad range of issues. The book’s various chapters eloquently reveal Latin America’s particular significance and multiple stances in the system of the international protection of investments, seen both from a historical and modern perspective. This is an important reference volume on the topical, fascinating and evolving theme that is international investment law and Latin America."
-Catharine Titi, University of Burgundy

"It is undoubtedly an excellent source to understand the difficult, complex and ideological times in Latin America and a meaningful tool to learn investment arbitration through the experienced lens of Latin America in the field. The timing of the book is ripe to provide these reflections and to learn from the Latin American experience, just at a time when things begin to change and the focus of investment disputes seems to look in a different direction. The hard-learnt experiences in Latin America, as discussed in this volume, could enlighten practitioners, investors and States in different geographies."
-Ignacio Torterola, GST LLP, Washington DC, United States
Preface—Prefacio - R.E. Vinuesa
Notes on Contributors
Introduction—Introducción - A. Tanzi, A. Asteriti, R. Polanco, P. Turrini,

Section I – General perspectives / Sección I – Perspectivas generales

1. S. Schill, Derecho internacional de inversiones y derecho público comparado en una perspectiva latinoamericana – International investment law and public comparative law in a Latin American perspective

2. R. Polanco Lazo, Two worlds apart: the changing features of international investment agreements in Latin America – Dos mundos aparte: las cambiantes características de los tratados internacionales de inversión en América Latina

3. C. Bellei Tagle, Arbitraje de inversiones en América Latina: de la hostilidad a la búsqueda de nuevas alternativas – Investment arbitration in Latin America: from hostility to the quest for new alternatives

4. J.G. Prieto Muñoz, International investment disputes in South America: rethinking legitimacy in the context of global pluralism – Las controversias sobre las inversiones internacionales en Sudamérica: repensar la legitimidad en el contexto de pluralismo global

Section II – Procedural aspects / Sección II – Aspectos procedimentales

5. F. Cristani, Dispute settlement clauses in international investment treaties and free trade agreements concluded by Latin American countries – Cláusulas de solución de controversias en los tratados internacionales de inversión y acuerdos de libre comercio celebrados por los países de América Latina

6. E. Milano, J.G. Prieto Muñoz, Arbitrajes y adjudicaciones inter-estatales de inversión extranjeras en la reciente experiencia latinoamericana – Inter-State arbitration, or adjudication, and foreign investment in the recent Latin American experience

7. X. Fuentes, J. Klein Kranenberg, Annulment proceedings in cases involving Latin American countries – Procesos de anulación en casos relacionados a países latinoamericanos

8. D.P. Fernández Arroyo, La transparencia como paradigma del arbitraje de inversiones – Transparency as a paradigm of investment law arbitration

Section III – Substantive issues / Sección III – Cuestiones de fondo

9. F. Leturia, La contribución al desarrollo del Estado receptor como requisito de la noción de inversión: la experiencia de los países latinoamericanos – The contribution to the development of the host State as a requisite of the definition of investment: the Latin American experience

10. A. Tanzi, L. Mola, Breaches of State contracts in the interpretation and application of international investment law in the arbitration case law involving Latin American countries – Incumplimiento de contratos estatales en la interpretación y aplicación del derecho internacional de inversiones en la jurisprudencia de arbitraje en América Latina

11. T. Gazzini, Y. Radi, Practice and interpretation of ‘umbrella clauses’ in the Latin American experience – Práctica e interpretación de ‘cláusulas paraguas’ en la experiencia latinoamericana

12. L. Mola, International investment arbitration and serious economic crises: lessons learned in the Argentinean crisis of 2000–2001 – Arbitrajes internacionales de inversión y crisis económicas graves: lecciones aprendidas en la crisis argentina de 2000–2001

13. A. Kolo, Expropriatory taxation in the Latin American experience – Impuestos expropiatorios en la experiencia latinoamericana

Section IV – Regional and national perspectives – Sección IV – Perspectivas regionales y nacionales

14. M.A. Correa Serrano, Foreign direct investment and development in the Pacific Alliance –Inversión extranjera directa y desarrollo en la Alianza del Pacífico

15. C. Ononaiwu, Regional investment treaty arrangements in the Caribbean: developments and implications – Acuerdos regionales de inversión en el Caribe: evolución y implicaciones

16. F. Marrella, S. De Vido, On the possible (re-)negotiation of BITs by the European Union and its potential impact on Latin America – Sobre la posible (re)-negociación de los TBIs por la Unión Europea y su impacto potencial en América Latina

17. V. Poppa, The ‘cases’ between Chevron and Ecuador: a systemic perspective – Los ‘casos’ entre Chevron y Ecuador: una perspectiva sistémica

18. J.R. Feris, A. Serra e Moura, La participación de Estados y entidades públicas latinoamericanas en el arbitraje de la Cámara de Comercio Internacional: diez años de experiencia – The participation of Latin American States and public entities in the International Chamber of Commerce arbitration: ten years of experience

19. M. Doe Rodríguez, J.L. Aragón Cardiel, Causas y azares: el renacimiento de la Corte Permanente de Arbitraje en América Latina en el campo de las inversiones extranjeras – Cause and coincidence: the renaissance of the Permanent Court of Arbitration in Latin America in the field of foreign investment

20. A. Carlevaris, R. Digón, The Argentinian bonds saga: an international investment law perspective – La saga sobre los bonos argentinos: la perspectiva del derecho internacional de inversiones

21. B. Desilus, W.M. Sánchez Casanova, Aplicación de la Ley de Inversión Extranjera en México: una revisión desde la sociología del derecho – Implementation of the Law on Foreign Investment in Mexico: a review from the standpoint of the sociology of law

22. V. Saco, El secreto del éxito del Perú en el CIADI: destruyendo el paradigma de que el sistema de solución de diferencias inversionista-Estado es peligroso para los países en desarrollo – The secret of Peru’s success before the ICSID: dispelling the idea that the investor-State dispute settlement system is a danger for developing countries

Section V – International investment law and other bodies of law in Latin America / Sección V – Derecho internacional de las inversiones y otras ramas del derecho en América Latina

23. J.P. Bohoslavsky, J.B. Justo, Compatibilizando derechos de los inversores extranjeros y derechos humanos: ¿Por qué? ¿Cómo? ¿Quién? ¿Cuándo? – Combining the rights of foreign investors and human rights: Why? How? Who? When?

24. C. Cinelli, Inversiones extranjeras, pueblos indígenas y desarollo sostenible: la jurisprudencia de la Corte Interamericana de Derechos Humanos – Foreign investment, indigenous peoples and sustainable development: the Inter-American Court of Human Rights case-law

25. F. Seatzu, Increasing Foreign Private Investment in the Latin American and Caribbean Region through the Multilateral Investment Fund/Aumentando la inversión extranjera privada en Latinoamérica y el Caribe a través del Fondo Multilateral de Inversiones

26. E. Ruozzi, Argentina and trade in biofuels: development and sustainability issues and their impact on foreign investment – Argentina y comercio de biocombustibles: cuestiones de desarrollo y sostenibilidad y su impacto sobre las inversiones extranjeras

27. M.A. Grau Ruiz, J. Malherbe, The dependence on foreign investment as a potential barrier for a sound environmental taxation – La dependencia de las inversiones extranjeras como barrera potencial a la introducción de una reglamentación fiscal adecuada

Conclusion / Conclusiones

28. J.E. Viñuales, Concluding observations: the laws and the judge of foreign investment – Conclusiones: la ley y el juez de la inversión extranjera

International investment agreements concluded by Latin American countries (by F. Cristani/R. Polanco)
Postgraduate students (especially but not exclusively in law faculties), academics, lawyers and arbitrators involved in investment-related disputes (including in-house counsels), international and national civil servants, policymakers, NGOs and informed public.

Estudiantes de postgrado (especialmente pero no exclusivamente en las facultades de derecho), académicos, abogados y árbitros que participan en los conflictos relacionados con inversión extranjera (incluyendo asesores internos), funcionarios internacionales y nacionales, responsables políticos, ONGs y público informado.