Introduction

The Brazilian experience with Bilateral Investment Treaties (BITs) is very unusual. Investment flows to Brazil are among the largest in the developing world. According to the Economic Commission for Latin America and the Caribbean (ECLAC), between 2003 and 2005 the country accounted for 25% of the total foreign direct investment to Latin America (US$43.3bn of US$172.7bn). Despite its importance as a host country for foreign investments, however, Brazil is not party to any BIT whatsoever. In the 1990s, the Brazilian Executive Branch signed 14 BITs but the Parliament ...