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Unasur mulls setting up trade dispute solution centers

06-01-2011 10:40 BJT

QUITO, May 31 (Xinhua) -- Representatives from the members of the Union of South American Nations (Unasur), except Suriname, met Tuesday here to discuss the creation of two centers for settling trade disputes.

The meeting, which will last until Wednesday, is aimed to discuss a proposal made by Ecuador to create the centers to better tackle trade disputes faced by Unasur, the Ecuadorian Foreign Ministry said.

The proposal included the creation of an Arbitrage Center and a Center of Legal Advisory for Controversies on Investments, and the approval of a Behavior Code for Arbiters and Mediators of Unasur.

Ecuadorian Foreign Minister Ricardo Patino said the attendees during the meeting would discuss the above-said topics and at the end they would approve a resolution to make viable the creation of the centers and the ratification of the code.

Patino said it was necessary to create the centers to solve lawsuits with transnational companies, which currently are solved by the World Bank.

"For reasons such as contradictory sentence, great complexity of litigation as well as high costs of the process demanded in those cases, it is necessary to have a system of trade controversy solution in the region," he said.

Unasur groups Argentina, Brazil, Bolivia, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela.

Editor:Yang Jie |Source: Xinhua

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