Introduction

On 15 November 2004, the Tribunal in GAMI v. Mexico issued its final award, dismissing the investor's claim in its entirety. The following is a tentative evaluation of the Tribunal's reasons for decision. In a nutshell, the Tribunal (which was chaired by Jan Paulsson and joined by Professor Reisman and Lic. Lacarte Muro) has issued one of the most adroitly-reasoned and well-written NAFTA awards to date. GAMI owned approximately 14% of the shares of a Mexican sugar-producing company, GAM. As is common throughout the world, the sugar business is highly regulated in Mexico ...