Introduction

Latin America is not the largest recipient of foreign investment in the world. In the year 2007, out of $ 1,833 billion of the world's flow of Foreign Direct Investment (FDI), Latin America only attracted $ 126 billion;[1] that is 6.87 % of the global inflow.[2] Yet, the majority of arbitration cases filed by investors against States have had a Latin America country as a defendant. In 2009, out of 124 pending cases at the International Center for Settlement of Investment Disputes (ICSID), 69 cases have been filed against Latin American countries.[3] Likewise, it is ...