Second presentation showed at the University of Dundee (Scotland), June 28th 2018.

1. Dr. Javier Echaide
Universidad de Buenos Aires (UBA)
International Investments in LatinAmerica Network (IILAN)
Dundee, June 29th, 2018.

2. 1959
2015
0
500
1000
1500
2000
2500
3000
3500
BITs
arround
the world
1959 1960 1970 1980 1990 2000 2010 2015 2017
1
72
165
385
1.857
2.750
Fuente: Echaide (2012), CEO & TNI (2011), Informe A/HRC/30/44 del CDH-ONU (2015), UNCTAD Report
(2015, http://unctad.org/es/PublicationsLibrary/wir2015overview_es.pdf).
2.807
1960
1970
1980
1990
2000
2010
2.926
The first BIT was signed
betweenGermany and
Pakistan in 1959.
UNCTAD counts more tan
3.300 BITs at 2017.
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.

3. 3
9
7 7
8
5
7
1
4 4
2
1
0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 11.3 1.3
1.9
1.181.41
2.17
2.55
3.13
2.44
8.46
3.67
0.81
2.2
1.29
2.5 2.64
2.372.24
2.68
1.2
2.66
2.03
2.79
1.77
0.96
2.05
1.2 1
0
1
2
3
4
5
6
7
8
9
10
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
BITs signed by Argentina international investments over GDP
Linear (international investments over GDP)
Source: Our own in basis of UNCTAD (2012) and World Bank (2017).
6 años:
privatizations
5 años: el
“growing at
China´s rates”
3 años: el
“armoredag
ainst the
crisis”
3 años Rates over the average.
2001-2003 crisis
World economic crisis
(from 2008 untill today)
Caso excepcional Context.
The big times of
foreign investments
were only in a few
years in the
argentinian history:
Argentina allways
got a 2.6% from the
GDP in foreign
investments. Only in
3 historical
moments was
above that average.
Carlos Menem
Fernando
De La Rúa
Eduardo
Duhalde Néstor Kirchner
Cristina Fernández de
Kirchner
Mauricio
Macri
Privatization ofYPF
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.

4. 0
2
4
6
8
10
12
14
16
0
10
20
30
40
50
60
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
#REF! #REF! #REF! Poverty Lawsuits
Poverty
Lawsuits
Carlos Menem
Fernando
De La Rúa
Eduardo
Duhalde Néstor Kirchner
Cristina Fernández de
Kirchner
Mauricio
Macri
2001-2003
crisis: more
lawsuits,
more
poverty
The fall of
commodities
prices: rasing
up of new
lawsuits and
more poverty.
Source: Our own in basis of UNCTAD (2012) and World Bank (2017).

5. 0
10
20
30
40
50
60
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
International investments over GDP (WB) Poverty GDP per cápita
Carlos Menem
Fernando
De La Rúa
Eduardo
Duhalde Néstor Kirchner
Cristina Fernández de
Kirchner
Mauricio
Macri
Poverty
International investments
GDP per
cápita
Poverty increase
and GDP per
cápita falling with
few international
investments
GDP per cápita increase with
poverty increase and no new
international investments
Source: Our own in basis of UNCTAD (2012) and World Bank (2017).
International
investments
and poverty
increase

6. 83%
17%
Lawsuits on investments
over National Budget
2016 national budget
lawsuits on international investments
95%
5%
Lawsuits on investments
over GDP
2016 GDP lawsuits on international investments
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.

7. 61%
1%
16%
9%
3%
9%
1%
Basis of the consent in each case
BIT
CAFTA
Investment contract
Investment law
NAFTA
European Energy Chart
others
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.
Source: ICSID, 2018 (ICSID Cases – Statistics (2018-1) (June 2018).

8. 1
4
1 2 1 2 2 3 4
1
4
1 2 1
3 3 3
10 11 10
12
14
19
31
27 27
23
37
21
25 26
38
50
40
38
52
48
53
0
10
20
30
40
50
60
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
1997 2003 2011
Stage 2: "The
discovery" and
the first big jump
(average of
12.66 new cases
per year)
Stage 3:The crisis
and the first
criticisms
(average of 27.13
cases per year)
Stage 4: A system out of control
(average of 46.8cases per year)
Stage 1:A system with marginal
use (average of 1.48 new cases
per year in 25 years)
The quantity indicates the number of new cases per year.
Source: ICSID, 2018 (ICSID Cases – Statistics
(2018-1) (June 2018).
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.

9. Source: Eberhardt y Olivet, 2012.
In practice, ISDS is
highly
concentrated: 51%
of the claims in
the ICSID, for
example, have
been resolved by
only 15
arbitrators.
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.

10. • Argentina has celebrated 58 BITs. It is
one of the countries with most BITs
in the región and in the world.
• 55 of them are current. In october
2015 Indonesia decided to terminate
by mutual consent the BIT with
Argentina (since 19/oct/2016).
Argentina has not terminated any of
their BITs.
• There were no new BITs from 2002-
2016. In 2016 Argentina celebrated a
new one with Qatar and now is
negociating another with Japan.Current Non current
Terminated
Current: 55
Not current: 2
Source: Argentinian Minister of Foreign Affairs (2017).
Terminated: 1
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.

11. Petroleum, gas,
minning
24%
Electricity and other
types of energy
17%
Water and
sanitation
5%
Construction
8%
Turism
4%
Other industries
13%
Transport
9%
Services and trade
3%
Finance
7%
Informatics and
communications
6%
Agriculture, fisheries
and forest industry
4%
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.
Source: ICSID, 2018 (ICSID Cases – Statistics (2018-1) (June 2018).
Exactly 50% of the
lawsuits have to do
with natural resources.

12. Ports
3%
Electricity
22%
Oil & gas
37%
Water & sanitation
19%
Computer services
6%
others
13%
ARGENTINA
Source: Our own in basis of Ortíz, 2006.
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.

13.  Compañía Aguas del Aconquija y Vivendi Universal c/
Argentina (CIADI, caso ARB/97/3).
 Aguas del Tunari c/ Bolivia (CIADI, caso ARB/02/3).
 Aguas Provinciales de Santa Fe, Suez, Sociedad
General de Aguas de Barcelona y Interagua Servicios
Integrales de Agua c/ Argentina (CIADI, caso
ARB/03/17).
 Aguas Cordobesas, Suez, Sociedad General de Aguas
de Barcelona c/ Argentina (CIADI, caso ARB/03/18).
 Aguas Argentinas, Suez, Sociedad General de Aguas de
Barcelona y Vivendi Universal c/ Argentina (CIADI,
caso ARB/03/19).
 Azurix c/ Argentina (CIADI, caso ARB/01/12).
 Azurix (Azurix Mendoza) c/ Argentina (CIADI, caso
ARB/03/30).
 SAUR International c/ Argentina (CIADI, caso
ARB/04/4).
 Impregilo c/ Argentina (CIADI, caso ARB/07/17).
 Urbaser y Consorcio de Aguas Bilbao Biskaia, Bilbao
Biskaia Ur Partzuergoa c/ Argentina (CIADI, caso
ARB/07/26).
 Biwater Gauff c/ Tanzania (CIADI, caso ARB/05/22).
ICSID cases on water and sanitation
services
ICSID
cases
against
Argentina
ICSID
cases
against
any other
country
Source: ICSIDcases.
2
9
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.

14. Claimant ICSID case Concession Years Amount (in US$) Result
Compañía Aguas del Aconquija
(Vivendi c/ Argentina (I))
ARB/97/3 Tucumán.
1997-2010
(13 years).
US$ 317 millions.
On 2007 Argentina was condemned
for US$ 99 millions, plus interest. US$
105 millions total.
Paid by CFK
in 2013.
Azurix / Enron
ARB/01/12
Buenos Aires
province.
2001-2009
(8 years).
US$ 685 millions. Award for US$ 165 millions.
Paid byCFK
in 2013.Azurix c/ Argentina
Azurix / Enron
ARB/03/30 Mendoza.
2003-2009
(6 years).
US$ 75 millions
(not official).
Suspended by agreement in 2009.Azurix (Azurix Mendoza) c/
Argentina
SAUR International c/Argentina ARB/04/4 Mendoza.
2004-2014
(10 years).
US$ 144 millions.
Argentina was condemned for US$ 40
millions in may 2014.
Aguas Provinciales de Santa Fe
(Suez, AgBar e Interagua)
ARB/03/17 Santa Fe.
2003-2015
(12 years).
US$ 265 millions. Not amount known.
Aguas Cordobesas (Suez y AgBar) ARB/03/18 Córdoba.
2003-2007
(4 years).
US$ 112 millions.
Suspended by agreement in 2007, no
amount known.
Aguas Argentinas (Suez, AgBar,
VivendiUniversal)
ARB/03/19
Metropolitan
area of city of
Buenos Aires.
2003-2015
(12 years).
US$ 834 millions.
Award payed on april 2015: US$ 405
millions.
M. Macri said
to pay it in
april 2016.
AGBA (Impregilo yAguas de Bilbao) ARB/07/17
Buenos Aires
province.
2007-2014
(7 years).
US$ 119 millions.
Argentina was condemned for US$ 21
millions.
Urbaser y Consorcio deAguas
Bilbao Biskaia, Bilbao Biskaia Ur
Partzuergoa c/Argentina
ARB/07/26
Buenos Aires
province.
2007-2017
(10 years).
US$ 211 millions.
Argentina was condemned on
responsibility award. No amount yet.
But Argentina has to pay US$ 1
million on legal costs.
Totals and averages.
9 years
(average)
US$ 2.762
millions (total).
US$ 737 millions (total).

15. In december 2013, Argentina decided to pay 5 lawsuits for US$ 677 millons on this cases:
• Azurix, subsidiery of Enron that brought water supply and sanitation in Buenos Aires
province. It´s contract was rescinded in 2002 (ICSID Case Nº ARB/01/12). US$ 165
millons.
• Blue Ridge, was in charge of CMS GasTransmission Company, which contract also was
rescinded in 2002 (ICSID Case Nº ARB/01/8).
• Vivendi, for the case of Aguas del Aconquija inTucumán province (ICSID Case Nº
ARB/97/3). US$ 99 millons.
• National Grid, an energy british corporation that war part ofTransener Spectrum
Argentina (TSA), that transported electric nenergy (ICSID Case Nº ARB/05/05).
• Continental Casualty Company, shareholder of CNA Aseguradora de Riesgos del
Trabajo that owned argentinian treasure bonds in pesos convertible in US
dollars (ICSID Case Nº ARB/03/9).
Later 2 more lawsuits were added from french corporations:
• SAUR Int., for US$ 40 millons for the control of Empresa Distribuidora de Electricidad
de Mendoza S.A. (EDEMSA), (ICSID Case Nº ARB/04/4).
• Suez, for US$ 405 millons for the rescission of the contract of Aguas Argentinas for
the privatization of the water service supply in the metropolitan área of the city of
Buenos Aires, the biggest private concession in the word (ICSID Case Nº ARB/03/19).

16. • Declaración Universal de los Derechos Humanos (1948).
• Pacto Internacional de Derechos Económicos, Sociales y Culturales (1960,
1966).
• Resolución 3281 (XXIX) de la Asamblea General de la ONU, “Carta de los
derechos y deberes económicos de los Estados” (1974).
• Declaración Conferencia Internacional de Mar del Plata (1977).
• Declaración Conferencia de ONU sobre Medio Ambiente y Desarrollo
(“Agenda XXI”, 1992).
• Algunas Constituciones Políticas Nacionales –casos de Bolivia, Ecuador,
Uruguay- (década de 2000).
• Observación General 14 CESCR, ECOSOC sobre “El derecho al disfrute del
más alto nivel posible de salud” (2000).
• Observación General 15 CESCR, ECOSOC sobre “El derecho al agua”
(2002).
• Informe de la Comisión de DD.HH. de la ONU sobre “Comercio de servicios y
derechos humanos” (2002).
• Informe de la Comisión de DD.HH. de la ONU sobre “Inversiones y derechos
humanos” (2003).
• Informe del Consejo de DD.HH. de la ONU sobre “El derecho humano al agua
potable y el saneamiento” (2005).
• Resolución 64/292 de la Asamblea General ONU sobre “El derecho
humano al agua y el saneamiento” (2010).
• Resolución 15/9 del Consejo de DD.HH. de la ONU sobre “Los derechos
humanos y acceso al agua potable y saneamiento” (2010).
• Resolución 16/2 del Consejo de DD.HH. de la ONU sobre “El derecho humano
al agua potable y el saneamiento” (2011).
• Resolución 1803 (XVII) de la Asamblea
General de la ONU sobre “La soberanía
permanente sobre los recursos
naturales” (1962).
• Avance del enfoque mercantil del agua
desde 1980 por agencias
internacionales (Bco. Mundial y FMI).
• “Declaración de Dublín” de la
Conferencia Internacional sobre Agua y
Desarrollo Sostenible (1992).
• Contratos de concesión del sector de
aguas y saneamiento (durante década
de 1990).
• Acuerdo General de Comercio y
Servicios (AGCS) de la OMC (1994).
• Capítulos de inversiones de Tratados
de libre comercio (TLCs).
• Demandas ante el CIADI que invocan
Tratados Bilaterales de protección
recíproca de inversiones (TBIs).
Dr. Javier Echaide (UBA), “International Investments and
the Right to Water”. International Investments in Latin
America Network (IILAN). Dundee, June 29th, 2018.

17. $ Foreign
Investments
Human
Rights
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.
Erga omnes obligations
International jus cogens?
Dispositive obligationsIs ther no
contradiction???

18. Human Rights, global citizenship and IEL
Rightsandobligations
Participation
Control
Balance rights and
obligations in the
BITs and
concession
contracts.
Clarify
interpretations
between States to
avoid expansive
interpretations of
the arbitrators.
Establish
international
responsibility
frameworks for
TNCs in order to
balance their rights
and obligations in
the BITs and FTAs,
and publicly
scrutinize the harm
actions ofTNCs.
Establish
monitoring
mechanisms
(observatories) to
report cases and
guarantee
reparations, but
also regulations
that can prevent
future violations of
human rights.
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.
Establish
regulatory
coherence
between the BITs
and the erga omnes
norms of
international law
(ie: human rights
treaties) to adapt
the BITs to that
existing legal
framework.

19. Citizen´s
auditory
TNC
Observatory
UN Binding
Codes
Dr. Javier Echaide (UBA), “International Investments and the Right to Water”.
International Investments in Latin America Network (IILAN). Dundee, June 29th, 2018.

20. Dr. Javier Echaide
PhD in Law (UBA) and Lawyer (UBA), University Proffesor and
Reasercher at Law School at UBA.
Former Vicepresident of the CAITISA, Rep. of Ecuador
and UNCTAD External Expert Consultant.
Contact: jechaide@hotmail.com