Bettina Müller Researcher

Investor-state arbitration is draining public resources across Latin America and the Caribbean. This report reveals who is suing governments, who profits, and how a little-known legal system has cost states billions; undermining democracy, public policy, and development.

For over 20 years, Argentina had the world’s highest number of investor claims before international arbitration tribunals. It also has the highest number of bilateral investment treaties (BITs) in force in Latin America and the Caribbean (LAC). Recently, the government of the self-proclaimed anarcho-capitalist Javier Milei expanded investor rights through the Incentive Regime for Large Investments (RIGI, the Spanish acronym), which grants extraordinary rights to all investors, both foreign and domestic, including the ability to sue the state in international arbitration. The consequences could be a new wave of arbitration claims and increased external debt.

For over 20 years, Argentina had the world’s highest number of investor claims before international arbitration tribunals. It also has the highest number of bilateral investment treaties (BITs) in force in Latin America and the Caribbean (LAC). Recently, the government of the self-proclaimed anarcho-capitalist Javier Milei expanded investor rights through the Incentive Regime for Large Investments (RIGI, the Spanish acronym), which grants extraordinary rights to all investors, both foreign and domestic, including the ability to sue the state in international arbitration. The consequences could be a new wave of arbitration claims and increased external debt.