Post by bisal42 on Feb 17, 2024 4:41:50 GMT
The Prime Minister's warning that Albania may leave the jurisdiction of the ICSID Court of Arbitration makes Albania the fourth country in the world to withdraw from the international treaty for the settlement of investment disputes. The previous three countries are Bolivia, Venezuela and Ecuador. The latter has a very interesting history, which we will see below. At the same time, there are several other countries, which have not signed the treaty at all, such as Russia or Brazil. Albania has been a member of the ICSID convention for 32 years. The agreement was signed in October 1991 and entered into force a month later.
Read also: Secret South Korea Phone Number List meetings with Rama, McGonigal is sentenced to 2 years and 4 months in prison How the M.City Academy is being used to cover the €19 million garbage pit in Durrës Now back to the conflict with Becchetti. From the legal side, for the Becchetti case, Albania has been convicted for violating the Bilateral Investment Treaty with Italy, an agreement that officially entered into force in 1996. In the treaty, the two countries commit to protect mutual investments and in case of disagreements recognize the jurisdiction of the International Courts of Arbitration, including that of ICSID. Albania currently has Bilateral Investment Treaties with 45 countries.
The last one that entered into force is the one with the United Arab Emirates in 2017. What happens if the government withdraws Albania from the treaty of the International Center for Settlement of Investment Disputes? An answer may come from Ecuador. After leaving the ICSID treaty in 2018, Ecuador has always been the country with the lowest foreign investments to GDP among all Latin American countries. In the 10 years that followed, foreign direct investments never reached the level before the exit from ICSID. Second, leaving the international treaty for the protection of investments increases the risk of a country in the eyes of foreign investors.
Read also: Secret South Korea Phone Number List meetings with Rama, McGonigal is sentenced to 2 years and 4 months in prison How the M.City Academy is being used to cover the €19 million garbage pit in Durrës Now back to the conflict with Becchetti. From the legal side, for the Becchetti case, Albania has been convicted for violating the Bilateral Investment Treaty with Italy, an agreement that officially entered into force in 1996. In the treaty, the two countries commit to protect mutual investments and in case of disagreements recognize the jurisdiction of the International Courts of Arbitration, including that of ICSID. Albania currently has Bilateral Investment Treaties with 45 countries.
The last one that entered into force is the one with the United Arab Emirates in 2017. What happens if the government withdraws Albania from the treaty of the International Center for Settlement of Investment Disputes? An answer may come from Ecuador. After leaving the ICSID treaty in 2018, Ecuador has always been the country with the lowest foreign investments to GDP among all Latin American countries. In the 10 years that followed, foreign direct investments never reached the level before the exit from ICSID. Second, leaving the international treaty for the protection of investments increases the risk of a country in the eyes of foreign investors.