01/11/2018 | Press release | Distributed by Public on 01/11/2018 17:42
WASHINGTON, D.C., January 11, 2018-The United Mexican States' Secretary of the Economy, Ildefonso Guajardo Villarreal, today signed theConvention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention).
The ICSID Convention, which entered into force in 1966, establishes the institutional and legal framework for foreign investment dispute settlement. It was created to facilitate investment amongst countries by providing an independent, depoliticized forum for arbitration, conciliation and fact-finding. To date, the Convention has been signed by 162 countries, of which 153 have also ratified it.
Having signed the ICSID Convention, it must now be ratified before coming into force for Mexico.
'I am delighted that Mexico has taken this important step in supporting the ICSID Convention,' said Meg Kinnear, ICSID's Secretary General. 'It is a strong signal of Mexico's commitment to the multilateral system of economic governance.'
Once a Member State, Mexico will participate in the governance of ICSID through representation on its chief governing body, the Administrative Council. Each ICSID Member State has one representative-and one vote-on the Administrative Council. Its responsibilities include passing rules of procedure for ICSID cases, and electing the ICSID Secretary-General and Deputy Secretaries-General. ICSID Member States also have the right to name arbitrators and conciliators to the ICSID Panels.