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Regionalism in International Investment Law$
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Leon Trakman and Nicola Ranieri

Print publication date: 2013

Print ISBN-13: 9780195389005

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780195389005.001.0001

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The Effect of Survival and Withdrawal Clauses in Investment Treaties: Protection of Investments in Latin America

The Effect of Survival and Withdrawal Clauses in Investment Treaties: Protection of Investments in Latin America

Chapter:
(p.162) 7 The Effect of Survival and Withdrawal Clauses in Investment Treaties: Protection of Investments in Latin America
Source:
Regionalism in International Investment Law
Author(s):

Gisela Bolívar

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195389005.003.0007

This chapter takes a “case study” approach to analyze the foreign direct investment (FDI) issues of Cementos Mexicanos (CEMEX) in Venezuela, vis-à-vis the treaties protecting investment that Venezuela had signed. It also examines the effects of the survival and denunciation or withdrawal clauses in the treaties that protect FDI and investor interests. It suggests that any investment treaty should contain an unlimited time period for protecting investments made from the time the treaty comes into effect and the time it is terminated. For bilateral treaties on investments and trade treaties that contain investment chapters, the parties should negotiate for the inclusion of a “survival clause” with an unlimited time period, subject to quality restrictions. The unlimited survival clause will counteract the negative effects of denunciation, protect FDI, and serve as a negotiating tool.

Keywords:   foreign direct investment, investment protection, Venezuela, investment treaties, Cementos Mexicanos

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