Protección ante reclamaciones entre Inversor y Estado en tiempos de la COVID-19: Llamado a la acción para los gobiernos

The briefing warns that emergency government responses to the COVID-19 pandemic—such as lockdowns, medical supply requisitions, and export bans—create an unprecedented risk of investor-state dispute settlement (ISDS) claims under over 3,000 investment treaties. It highlights the unpredictability of arbitration tribunals and the high cost of defense, citing historical examples from Argentina and Egypt where states faced multi-billion dollar awards. The authors call for a coordinated global response, potentially through the UN or WTO, to suspend ISDS for pandemic measures or issue joint interpretations of the 'state of necessity' defense. As an interim measure, it suggests states may withdraw their consent to arbitration.

• Emergency measures to combat COVID-19, including lockdowns and the requisition of medical supplies, expose governments to a high risk of investment arbitration due to the existence of more than 3,000 investment treaties worldwide.
• The 'state of necessity' defense in international law is difficult for governments to employ because it requires proving that the state's action was the only possible way to safeguard an essential interest against an imminent danger.
• Investment arbitration outcomes are highly unpredictable and inconsistent; for example, during Argentina's 2001 crisis, different tribunals reached contradictory decisions on the state of necessity defense within 18 months of each other.
• Large arbitration awards can severely impact the budgets of developing nations; a USD 2 billion award against Egypt represented 12% of its combined national budget for health and education in 2018/19.
• Defending ISDS claims is costly and resource-intensive, with an OECD estimate placing the average cost of defense at USD 8 million per claim.
• ISDS liabilities can undermine international financial support; for instance, a USD 6 billion award against Pakistan in 2019 occurred just two months after the IMF provided a bailout of the same amount.
• The authors propose that governments should collectively suspend ISDS for COVID-19 measures or issue a joint interpretation stating that governments are in a 'state of necessity'.
• States may consider the 'withdrawal of consent' as a temporary measure, notifying treaty partners that they no longer offer to submit to ISDS until a multilateral solution is reached.

APA

Bernasconi-Osterwalder, N., Brewin, S., & Maina, N. (2020). Protección ante reclamaciones entre Inversor y Estado en tiempos de la COVID-19: Llamado a la acción para los gobiernos. International Institute for Sustainable Development. https://www.iisd.org/system/files/publications/investor-state-claims-covid-19-es.pdf

Chicago

Bernasconi-Osterwalder, Nathalie, Sarah Brewin, and Nyaguthii Maina. Protección ante reclamaciones entre Inversor y Estado en tiempos de la COVID-19: Llamado a la acción para los gobiernos. International Institute for Sustainable Development, 2020. https://www.iisd.org/system/files/publications/investor-state-claims-covid-19-es.pdf.

Wikipedia

{{cite report |last1=Bernasconi-Osterwalder |first1=Nathalie |last2=Brewin |first2=Sarah |last3=Maina |first3=Nyaguthii |title=Protección ante reclamaciones entre Inversor y Estado en tiempos de la COVID-19: Llamado a la acción para los gobiernos |publisher=International Institute for Sustainable Development |date=April 2020 |url=https://www.iisd.org/system/files/publications/investor-state-claims-covid-19-es.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{bernasconiosterwalder2020proteccin, author = {Bernasconi-Osterwalder, Nathalie and Brewin, Sarah and Maina, Nyaguthii}, title = {{Protección ante reclamaciones entre Inversor y Estado en tiempos de la COVID-19: Llamado a la acción para los gobiernos}}, institution = {International Institute for Sustainable Development}, year = {2020}, month = apr, url = {https://www.iisd.org/system/files/publications/investor-state-claims-covid-19-es.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }