Reform and Adaptation: The Experience of the Americas with International Investment Law

Abstract

Over the last two decades Latin American States have been deluged with investor-State dispute settlement (ISDS) with double-digit cases, and billion-dollar damages awards. These States have sought to regain control of the narrative by embarking on various reform initiatives. This article first sets the scene with a brief review of the experience of Latin American States with investment arbitration over the last two decades, then examines the efforts undertaken in the last few years by Latin American States to gain control over their investment arbitration experience. This has been done on a bilateral, regional and supra-regional level. Reforms including the revisions of substantive provisions, as well as the development of regional arbitration fora are examined. Finally, it offers some thoughts on the prospects for the region’s reform movement.