Venezuela Officially Withdraws From The International Centre For The Settlement Of Investment Disputes (ICSID)

Author:Mr José Torrealba, Fernando Peláez and Gonzalo Capriles
Profession:Hoet Pelaez Castillo & Duque

The Venezuelan Minister of the People's Power for Foreign Affairs announced that on 24 January 2012, Venezuela denounced the Convention for the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention). With this action, Venezuela complies with the formalities required to make official its withdrawal from ICSID.

The denunciation of the ICSID Convention was made in accordance with the provision of article 71 and will be effective from 24 July 2012. According to article 72, the denunciation will not affect rights and obligations of the State or nationals of the denouncing State arising from the consent given to ICSID jurisdiction before the notification of the denunciation of the Convention.

The Bilateral Investment Treaties (BITs) in force which are affected by having ICSID as the...

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