Reforma de los Contratos de Inversión

The policy brief highlights how investment contracts—often overlooked in favor of treaty reforms—can create regulatory restrictions and financial losses for states. It identifies risks from outdated stabilization clauses and tax incentives, and notes a rise in contract-based investor-state dispute settlement (ISDS) cases. The authors propose a three-pronged national strategy: strengthening inter-ministerial coordination, creating centralized contract inventories, and developing national model contracts aligned with international sustainability standards.

• Investment contracts often operate in isolation from national laws and international treaties, creating a fragmented legal framework where outdated contractual protections can neutralize modern treaty reforms. This is particularly risky in large-scale projects where contractual obligations may be more restrictive than reformed treaties.
• Stabilization clauses in investment contracts can hinder essential reforms in taxation, human rights, and environmental protection by freezing legal frameworks or requiring compensation for regulatory changes. These clauses may allow investors to challenge public interest measures through contractual or hybrid claims even if treaties have been reformed.
• Tax incentives negotiated directly within investment contracts often bypass central financial oversight and parliamentary approval, leading to revenue loss and an uneven playing field. Evidence suggests such incentives are frequently not a prerequisite for attracting investment.
• There is a growing trend of investors using contracts as the basis for international arbitration. ICSID data shows that 21% of cases in 2025 invoked contracts for consent to arbitration, compared to 6% the previous year, suggesting a shift of disputes from treaties to contracts.
• National governance of investment contracts is typically characterized by a lack of transparency and poor institutional coordination, with sector ministries often negotiating deals without oversight from finance or environment ministries.
• To improve governance, governments should implement three key national actions: establishing inter-ministerial coordination mechanisms (such as review committees), creating centralized inventories of existing contracts to assess risks, and developing sector-specific model contracts based on national law and international standards.

APA

Lago, J. D. R., Sarmiento, F., & Nikièma, S. H. (2026). Reforma de los Contratos de Inversión. International Institute for Sustainable Development. https://www.iisd.org/system/files/2026-04/reforming-investment-contracts-es.pdf

Chicago

Lago, Josefina del Rosario, Florencia Sarmiento, and Suzy H. Nikièma. Reforma de los Contratos de Inversión. International Institute for Sustainable Development, 2026. https://www.iisd.org/system/files/2026-04/reforming-investment-contracts-es.pdf.

Wikipedia

{{cite report |last1=Lago |first1=Josefina del Rosario |last2=Sarmiento |first2=Florencia |last3=Nikièma |first3=Suzy H. |title=Reforma de los Contratos de Inversión |publisher=International Institute for Sustainable Development |date=March 2026 |url=https://www.iisd.org/system/files/2026-04/reforming-investment-contracts-es.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{lago2026reforma, author = {Lago, Josefina del Rosario and Sarmiento, Florencia and Nikièma, Suzy H.}, title = {{Reforma de los Contratos de Inversión}}, institution = {International Institute for Sustainable Development}, year = {2026}, month = mar, url = {https://www.iisd.org/system/files/2026-04/reforming-investment-contracts-es.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }