ALCA FTAA ZLEA - Investment: Expropriation - Argentina/Venezuela

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Investment Agreements in the Western Hemisphere: A Compendium

Agreement Between Argentina and Venezuela
16 November 1993

Subject: V. Expropriation

A. Definition

1. Covered Expropriatory Measures Expropriation, nationalization or measures which have a similar effect. (Article 6 (1)).

B. Conditions

1. Public Purpose and Non-Discrimination
Yes. (Article 6 (1)).

2. Due Process of Law and Judicial Review
Yes. (Article 6 (1)) The BIT does not include an independent requirement that expropriations be subject to judicial review. However, it has been argued that the international standard of due process includes such a requirement.

4. Compensation: Standard; Form and Time of Payment
"Prompt, adequate and effective compensation" Compensation shall: . amount to the market value of the investment immediately before the date of expropriation or, in the case of being higher, before the impending expropriation became publicly known; . include interests at a normal commercial rate until the time of payment; . be made without delay; . be effectively realizable and freely transferable. (Article 6 (2)).


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