UNASUR agency to settle investment conflicts may be launched in 2013
The Union of South American Nations (UNASUR) may already count with its own agency to solve conflicts in matters of investments by the first quarter of 2013, informed Ecuador's Foreign Minister Ricardo Patino.The proposal to create this agency, raised by Ecuador several years ago, was backed once again by almost all members of UNASUR, Patino said after the sixth Meeting of Heads of States and Presidents of the regional bloc."The issue has progressed a lot. Practically all countries agree with this. It has been proposed to finish its review to start operating next year," Patino said to the Venezuelan News Agency (AVN).There has not been confirmed a seat for the new agency, he added, though the most important issue is that it has been passed.The Ecuadorean foreign minister stated that South American countries do not need to continue turning to courts with a colonialist view and structure.Therefore, Patino said that "it is good for UNASUR to have its own agency to solve conflicts, not needing to go to ICSID (International Centre for Settlement of Investment Disputes) or others to hear how to develop settlement systems of our own.""We need to have our own systems in the region," Ricardo Patino said.
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