ALBA creates joint defense mechanism for transnational arbitration (UNASUR too)
ALBA creates joint legal and political defense mechanism for transnational arbitration
23/04/13.- The Bolivarian Alliance for the Peoples of America (ALBA) agreed on Monday to the creation of a new regional coordination mechanism for joint defense in international arbitration proceedings, especially those brought by transnational companies with Latin American countries.
The decision was made as part of the "First Ministerial Conference of Latin American Transnational Affected Interests" held in Guayaquil on the Ecuadorian province of Guayas (west).
The final resolution of the Conference was the decision to set up an Executive Committee which will be responsible for "designing and implementing mutually supportive political and legal mechanisms" to assist countries in the region that get immersed in transnational arbitration disputes.
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The resolution also supports the project of the Union of South American Nations (UNASUR) to establish its own court of arbitration for trade and investment cases, as an alternative to existing arbitration systems.
The court of Unasur would be ready by the end of this year, according to forecasts from the body, and the project must be approved by the foreign ministers' meeting scheduled for July.
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