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While there has been increasing adoption of arbitration principles in Latin America, some countries remain sceptical.
As with many aspects of Latin America, lawyers agree that when it comes to arbitration it is a region of contradictions. While recent years have seen tremendous advances in the acceptance and adoption of arbitration principles by many countries and businesses, a number of governments in the region have nonetheless now begun to question both the validity and equitability of some arbitration processes.
‘When we speak of arbitration across Latin America we now speak of two distinct zip codes’, says Fernando Peláez-Pier, partner with Caracas-based Hoet Peláez Castillo & Duque, and current IBA President. ‘Countries such as Brazil, Chile, Mexico, Peru and Colombia continue to promote and develop arbitration, and here we have seen an upturn in cases and positive developments in almost every respect. While others, notably Bolivia, Ecuador, Nicaragua, Argentina and Venezuela, seem less and less in favour of to the process, especially in relation to investment arbitration.’
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