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98<br />
4.2 The example of Brazil: Foreign direct investment without BITs and FTAs<br />
For years Brazil has been one of the leading FDI recipient nations among the<br />
“emerging countries”, without having ratified one single bilateral investment treaty. 285<br />
Brazil, after becoming a member of the MIGA (the Multilateral Investment Guarantee<br />
Agency of the World Bank) in 1990, has signed several bilateral investment treaties,<br />
286 however, so far none of them has been ratified by the Congresso Nacional:<br />
Investment agreements,<br />
contract-partners of Brazil<br />
Argentina, Paraguay, Uruguay:<br />
Colonia Protocol on the Reciprocal<br />
Promotion and Protection of<br />
Investments within MERCOSUR<br />
conclusion of treaty ratification<br />
Accorded by the Asunción treaty of March<br />
26, 1991, signed January 17, 1994<br />
open<br />
Portugal February 9, 1994 open<br />
Chile March 22, 1994 open<br />
Great Britain July 19, 1994 open<br />
Argentina, Paraguay, Uruguay:<br />
Buenos Aires Protocol on the<br />
Promotion and Protection of<br />
Investments Made by Countries<br />
that are not Parties to MERCOSUR<br />
Accorded by the Asunción treaty of March<br />
26, 1991, signed August 5, 1994<br />
open<br />
Switzerland November 11, 1994 open<br />
France March 21, 1995 open<br />
Finland March 28, 1995 open<br />
Italy April 3, 1995 open<br />
Denmark May 4, 1995 open<br />
Venezuela July 4, 1995 open<br />
South-Korea September 1, 1995 open<br />
Germany September 21, 1995 open<br />
Source: Own compilation.<br />
285 Brazil has ratified the UN agreement on foreign arbitration verdicts of June 10, 1958, as well as the Panama<br />
agreement of 1975, the Inter-American Convention on International Commerce Arbitration, where the respective<br />
national chambers of commerce are represented.<br />
286 In Portuguese: “acordos bilaterais de promoção e proteção recíproca de investimentos”.