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