venezuela SetHeight50

Venezuela

Latin Arbitration Law Country Profile

Arbitration Law

Commercial Arbitration Act – 7 Apr. 1998

Investors are subject to specific legal frameworks [1]

 

International Conventions

 

Signed

Entered into force

New York Convention

8 Feb. 1995

9 May 1995 [2]

Panama Convention

30 Jan. 1975

15 June 1985 [3]

Montevideo Convention

8 May 1979

30 Mar. 1985 [4]

ICSID Convention

18 Aug. 1993

Denounced [5]

 

Investment Protection Treaties

Bilateral Investment Treaties [6] [7]

Signed

Entered into force (UNCTAD/SICE)

Dispute Resolution Fora

Argentina (Sp.)

16 Nov. 1993

1 July 1995

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Barbados (Eng.) (Sp.)

15 Jul. 1994

31 Oct. 1995

  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Belarus

6 Dec. 2007

13 Aug. 2008

 

Belgium and Luxembourg [8]

17 Mar. 1998

29 Apr. 2004

 

Bolivia (Sp.) [9]

Not signed

Not in force

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Brazil (Sp.) (Por.)

4 July 1995

Not in force

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Canada (Eng.) (Fr.)

1 July 1996

28 Jan. 1998

  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Chile (Sp.)

2 Apr. 1993

25 May 1995

  • Local courts
  • ICSID

Costa Rica (Sp.)

17 Mar. 1997

2 May 2001

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Cuba

11 Dec. 1996

15 Apr. 2004

 

Czech Republic (Eng.)

27 Apr. 1995

23 July 1996

  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Denmark (Danish)(Eng.)

28 Nov. 1994

19 Sept. 1996

  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Ecuador (Sp.)

18 Nov. 1993

1 Feb. 1995

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

France (Fr.)

2 July 2001 [10]

30 Apr. 2004

  • Local courts
  • ICSID

Germany (Sp.)(Ger.) [11]

14 May 1996

16 Oct. 1998

  • ICSID

Indonesia [12]

18 Dec. 2000

23 Mar. 2003

 

Iran, Islamic Republic of [13]

11 Mar. 2005

7 June 2006

 

Italy (Sp.)

4 June 1990

14 Sept. 1993

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Lithuania (Eng.)

24 Apr. 1995

1 Aug. 1996

  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Netherlands (Eng.)

22 Oct. 1991

1 Nov. 1993 [14] TERMINATED
(effective 1 Nov. 2008) [15]

  • ICSID
  • ICSID Additional Facility Rules

Paraguay (Sp.)

5 Sept. 1996

14 Nov. 1997

  • Local courts
  • ICSID
  • UNCITRAL

Peru (Sp.)

12 Jan. 1996

18 Sept. 1997

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Portugal (Por.)

17 June 1994

7 Oct. 1995

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Russian Federation (Sp.) [16]

7 Nov. 2008

26 Nov. 2009

  • Local courts
  • UNCITRAL
  • Stockholm Chamber of Commerce

Spain (Sp.)

2 Nov. 1995

10 Sept. 1997

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Sweden (Swedish) (Sp.)

25 Nov. 1996

5 Jan. 1998

  • ICSID
  • UNCITRAL

Switzerland (Fr.)

18 Nov. 1993

30 Nov. 1994

  • ICSID
  • UNCITRAL
  • Ad hoc arbitration

United Kingdom of Great Britain and Northern Ireland (Eng.)

15 Mar. 1995

1 Aug. 1996

  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Uruguay (Sp.)

20 May 1997

18 Jan. 2002

  • Local courts
  • ICSID
  • ICSID Additional Facility Rules
  • UNCITRAL

Vietnam (Sp.) [17]

20 Nov. 2008

17 Jun. 2009

  • Local courts
  • UNCITRAL
  • Other prior approved ad hoc int’l arbitration.

Total

30

27

 

 
 

Free Trade Agreement [18]

Signed

Entered into force

Withdrawn

G3 – Venezuela, Colombia and Mexico (Sp.) [19]

13 June 1994

1 Jan. 1995

19 Nov. 2006

Total

1

0

1

 
 

Other relevant laws

Published in

The Free-Trade Zone Law [20]

Gazette No. 34,772 of 1991

 

 

Other Bilateral or Multilateral Associations

Signed

Entered into force

WTO [21] (Eng.)

 

1 Jan. 1995 [22]

GATT [23] (Eng.)

 

31 Aug. 1990

ALADI (LAIA) [24] (Sp.)

12 Aug. 1980

18 Mar. 1981

Andean Community (Cartagena Agreement) (Eng.)

 

Treaties of the Andean Community with Mercosur:

 

13 Feb. 1973 [25] (codified in 2003)

 

 

 

 

16 Apr. 1998

 

 
 

 

6 Dec. 2002

 

 

 

 

16 Dec. 2003

 
 

 

06 Dec. 2002

 

 

 

12 Aug. 1999

 
 

 

 

29 June 2000

Withdrawal effective on 22 Apr. 2011 [26]

 

 

 

 

N/A

 

 
 

 

N/A

 

 

 

 

1 Jul. 2004

 
 

 

06 Dec. 2002

 
 

 

16 Aug. 1999

 
 

 

 

1 Aug. 2000

Mercosur: [27]

 

Protocol of Accession of Venezuela to MERCOSUR (Sp.)

 

 

 

08 Dec. 2005

 

 

4 July 2006

Chile (Economic Complementation Agreement No. 23) (Sp.)

 

2 Apr. 1993

1 Jul. 1993

Caribbean Community (CARICOM) (Trade, Technical and Economic Cooperation Agreement)

 

13 Oct. 1993

Not in force

Colombia (Partial Scope Agreement No. 28) (Sp.)

 

28 Nov. 2001

N/A

Cuba (ACE 40)

 

27 Aug. 1999

N/A

Trinidad and Tobago (Partial Scope Agreement No. 20) (Sp.)

 

4 Aug. 1989

N/A

Nicaragua (Partial Scope Agreement) (1st Additional Protocol) (Sp.)

 

15 Oct. 1986

N/A

Costa Rica (Partial Scope Economic Complementation Agreement) (Sp.)

 

21 Mar. 1996

N/A

El Salvador (Partial Scope Agreement No. 27) (Additional Protocols) (Sp.)

 

10 Mar. 1986

N/A

Honduras (Partial Scope Agreement No. 16) (Sp.)

 

20 Feb. 1986

N/A

Guatemala (Partial Scope Agreement No. 23) (Sp.)

 

31 Oct. 1985

10 Apr. 1986

Guyana (Partial Scope Agreement No. 22) (Sp.)

 

27 Oct. 1990

28 June 1991

ALBA (Sp.)

 

16 Oct. 2009

 

UNASUR (Sp.)

 

13 Mar. 2010

25 Oct. 2011

Total

 

 

 

Arbitration Cases

ICSID Cases [28]

Decisions and Awards

Date [29]

Fedax N.V. v. Venezuela, (Case No. ARB/96/3)

Concluded

 

Award on Jurisdiction (Eng.)

 

Final Award (Eng.)
 

 

 

11 Jul. 1997

 

9 Mar. 1998

GRAD Associates, P.A. v. Bolivarian Republic of Venezuela (Case No. ARB/00/3)

Concluded

 

Order for the discontinuance of the proceeding

 

 

 

5 Feb. 2002

Autopista Concesionada de Venezuela, C.A. v. Bolivarian Republic of Venezuela (Case No. ARB/00/5)

Concluded

 

Decision on Jurisdiction (Eng.) (Sp.)

 

Final Award, (Eng.) (Sp.)

 

 

 

27 Sep. 2001

 

23 Sep. 2003

Vannessa Ventures Ltd. v. Bolivarian Republic of Venezuela (Case No. ARB(AF)/04/6)

Concluded

 

Decision on Jurisdiction (Eng.)

 

Final Award, (Eng.) (Sp.)

 

 

 

22 Aug. 2008

 

16 Jan. 2013

I&I Beheer B.V. v. Bolivarian Republic of Venezuela (Case No. ARB/05/4)

Concluded

 

Proceeding was dismissed

 

 

 

28 Dec. 2007

Eni Dación B.V. v. Bolivarian Republic of Venezuela (Case No. ARB/07/4)

Concluded

 

Parties reached a settlement

 

 

 

18 Apr. 2008

Brandes Investment Partners, LP v. Bolivarian Republic of Venezuela (Case No. ARB/08/3)

Concluded

 

Decision on the Respondent’s Objection under Rule 41(5) of the ICSID Arbitration Rules, (Eng.) (Sp.)

 

Final Award (Eng.)

 

 

 

02 Feb. 2009

 

 

 

 

02 Aug. 2011

CEMEX Caracas Investments B.V. and CEMEX Caracas II Investment B.V. v. Bolivarian Republic of Venezuela (Case No. ARB/08/15)

Concluded

 

Decision on Proposal for Disqualification of an Arbitrator,
(Eng.) (Sp.)

 

Decision on Jurisdiction, (Eng.) (Sp.)

 

Tribunal discontinues the procedure pursuant to ICSID Rule 43(1)

 

 

 

06 Nov. 2009

 

 

 

30 Dec. 2010

 

 

15 Feb. 2012

Ternium S.A. and Consorcio Siderurgica Amazonia S.L. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/19

Concluded

 

Proceedings discontinued pursuant to ICSID Arbitration Rule 44.

 

 

 

29 Nov. 2012

Nova Scotia Power Incorporated v. Bolivarian Republic of Venezuela ICSID Case No. ARB(AF)/11/1,

Concluded

 

The Tribunal renders award

 

 

 

30 Apr. 2014

Opic Karimum Corporation v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/14)

Concluded

 

Award of the Tribunal, (Eng.) (Sp.)

 

 

 

28 May 2013

Vestey Group Ltd v. Bolivarian Republic of Venezuela (Case No. ARB/06/4)

Pending

 

Claimant files a rejoinder on jurisdiction

 

 

 

30 May 2014

Venezuela Holdings B.V. and others v. Bolivarian Republic of Venezuela (Case No. ARB/07/27)

Pending

 

Decision on Jurisdiction English (Original)

 

Decision on Production of Documents; English (Original)

 

Each party files a reply post-hearing brief

 

 

 

10 June 2010

 

 

24 Mar. 2011

 

 

14 May 2012

ConocoPhillips Co. v. Bolivarian Republic of Venezuela (Case No. ARB/07/30)

Pending

 

Tribunal decides on production of documents

 

 

23 June 2014

Holcim Limited, Holderfin B.V. and Caricement B.V. v. Bolivarian Republic of Venezuela (Case No. ARB/09/3)

Pending

 

Parties filed a request for the discontinuance of the proceeding

 

 

10 Sept. 2010

Gold Reserve Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/09/1)

Pending

 

Each party files a statement of costs

 

26 May 2014

OI European Group B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/25

Pending

 

Claimant filed a supplemental submission on costs

 

21 Feb. 2014

Highbury International AVV and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/1

Pending

 

Ad hoc Committee issues Procedural Order No. 1 concerning procedural matters in annulment proceeding.

 

28 May 2014

Tidewater Inc. and others v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/5

Pending

 

Decision on the Proposal for the Disqualification of a Member of the Arbitral Tribunal, (Eng.)

 

Decision on Jurisdiction

 

Respondent files a rejoinder on the merits

 

 

 

23 Dec. 2010

 

 

 

08 Feb. 2013

 

25 Apr. 2014

 

Crystallex International Corporation v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/11/2

Pending

 

Parties filed post-hearing briefs.

 

 

 

12 May 2014

Longreef Investments A.V.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/11/2

Pending

 

Tribunal issues decision on jurisdiction.

 

 

 

12 Feb. 2014

The Williams Companies, International Holdings B.V., WilPro Energy Services (El Furrial) Limited and WilPro Energy Services (Pigap II) Limited v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/10)

Pending

 

Proceeding suspended by parties’ agreement

 

 

 

22 Mar. 2012

Koch Minerals Sàrl and Koch Nitrogen International Sàrl v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/19)

Pending

 

Tribunal holds hearing on procedural matters

 

 

 

19 May 2014

Tenaris S.A. and Talta - Trading e Marketing Sociedade Unipessoal LDA v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/26)

Pending

 

Tribunal held hearing on jurisdiction and merits.

 

 

 

31 Jan, 7 Feb 2014

Flughafen Zürich A.G. and Gestión e Ingenería IDC S.A. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/10/19

Pending

 

Respondent files a response to Claimant’s observations of 4 June 2014

 

 

 

5 June 2014

Universal Compression International Holdings, S.L.U. v. Bolivarian Republic of Venezuela ICSID Case No. ARB/10/9

Pending

 

Decision on the Proposal for the Disqualification of two members of the Arbitral Tribunal

 

Tribunal suspends the proceeding following agreement by the parties

 

 

 

20 May 2011

 

 

 

16 Sep. 2013

Hortensia Margarita Shortt v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/11/30

Pending

 

Constitution of the Tribunal is suspended until July 12, 2014

 

 

 

3 Apr. 2014

Gambrinus, Corp.v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/11/31

Pending

 

Tribunal holds hearing on jurisdiction, merits and quantum.

 

 

 

10-13 Mar. 2014

Saint-Gobain Performance Plastics Europe v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/13

Pending

 

Claimant filed a reply on the merits.

 

 

 

18 Jun. 2014

Valle Verde Sociedad Financiera S.L. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/18

Pending

 

Claimant filed observations on the request to address the objections to jurisdiction as a preliminary question.

 

 

 

23 May 2014

Rusoro Mining Ltd. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/12/5

Pending

 

Claimant filed reply on jurisdiction and the merits.

 

 

 

12 June 2014

Blue Bank International & Trust (Barbados) Ltd. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/20

Pending

 

The Tribunal issues Procedural Order No. 1 concerning procedural matters

 

 

 

25 Feb. 2014

Fábrica de Vidrios Los Andes, C.A. and Owens-Illinois de Venezuela, C.A. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/21

Pending

 

Respondent files a rejoinder on the merits and a reply on jurisdiction.

 

 

 

20 June 2014

Venoklim Holding B.V. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/22

Pending

 

Tribunal held hearing on jurisdiction

 

 

 

26-27 May 2014

Tenaris S.A. and Talta – Trading e Marketing Sociedade Unipessoal Lda. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/23 

Pending

 

Claimant filed its counter-memorial on jurisdiction

 

 

 

16 June 2014

Transban Investments Corp. v. Boliviarian Republic of Venezuela, ICSID Case No. ARB/12/14

Pending

 

Chairman of the Administrative Council dismissed requests to disqualify arbitrators.

 

 

 

13 May 2014

Valores Mundiales, S.L. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/13/11

Pending

 

The Tribunal issues Procedural Order No. 1 concerning procedural matters

 

 

 

10 Feb. 2014

Anglo American PLC v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/14/1)

Pending

 

Request for arbitration filed

 

 

 

10 Apr. 2014

Highbury International AVV, Compania Minera de Bajo de Caroni AVV, and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/14/10)

Pending

 

Request for arbitration filed

 

 

 

19 May 2014

Total Cases

40

Pending

29

Concluded

11

 

 

Other Int’l Arb. Cases

Decisions and Awards

Date

Nova Scotia Power Inc. v. Bolivarian Republic of Venezuela, UNCITRAL

Pending

 

Decision on Jurisdiction, (Spanish)

 

 

 

22 Apr. 2010

Costs Order, (Spanish)

 

30 Aug. 2010

 
 

Key Local Court Decisions

Date [30]

Tribunal

C.A. Embotelladora Caracas (Venezuela) v. Pepsi-Cola Panamericana, S.A. (US/Venezuela)

24 Jan. 1997

Second Court of First Instance in Civil, Mercantile and Transit Matters, Caracas

Minera:Las Cristinas C.A.(Venezuela) v. Corporación Venezolana de Guayana (Venezuela)

28 Oct. 2005

Tribunal Supremo de Justicia – Sala Constitucional

Corporación Todosabor, C.A. (Venezuela) v. Haagen-Dazs Internacional Shoppe Company, Inc.

14 Feb. 2006

Tribunal Supremo de Justicia – Sala Constitucional

Elettronica Industriale S.P.A. (Italy) v. Venezolana de Televisión, C.A. (Venezuela)

5 Apr. 2006

Tribunal Supremo de Justicia [Supreme Court of Justice], Sala Política-Administrativa [Political-Administrative Chamber]

Tanning Research laboratorios, Inc. V. Hawaiian Tropic de Venezuela, C.A.

7 Dec. 2006

Tribunal Supremo de Justicia [Supreme Court of Justice], Sala Política-Administrativa [Political-Administrative Chamber]

Opinion 1541-09, Case N° 08-0763 (Interpretation of Article 258 of the Venezuelan Constitution)

17 Oct. 2008

Tribunal Supremo de Justicia  [Supreme Court of Justice], Sala Constitucional [Constitutional Chamber]

Case N° 08-0306

11 Feb. 2009

Tribunal Supremo de Justicia  [Supreme Court of Justice], Sala Constitucional [Constitutional Chamber]

Case N° 2009-0188

21 May 2009

Tribunal Supremo de Justicia [Supreme Court of Justice], Sala Política-Administrativa [Political-Administrative Chamber]

Astivenca Astilleros de Venezuela CA v. Oceanlink Offshore III AS AS

Case N° 09-0573

3 Nov. 2010

Tribunal Supremo de Justicia  [Supreme Court of Justice],  Sala Constitucional [Constitutional Chamber]

Total Cases

9

 

Cases Per Year

 

AAA/ICDR [31]

ICC [32]

ICSID [33]

         Registered                      Concluded

1996

N/A [34]

N/A

1

--

1997

N/A

N/A

--

--

1998

N/A

N/A

--

1

1999

N/A

N/A

--

--

2000

N/A

9

2

 

2001

N/A

3

--

--

2002

N/A

10

--

1

2003

N/A

17

--

1

2004

5

3

1

--

2005

1

4

1

--

2006

N/A

2

1

--

2007

N/A

2

3

1

2008

N/A

2

2

1

2009

N/A

3

2

--

2010

N/A

1

4

--

2011

N/A

N/A

10

1

2012

N/A

N/A

9

2

2013

N/A

N/A

1

2

2014

N/A

N/A

2

1

 

Arbitral Institutions

Centro de Arbitraje de la Cámara de Comercio de Caracas

Centro Empresarial de Conciliación y Arbitraje (CEDCA)

Centro de Arbitraje de la Cámara de Comercio de Maracaibo

 


[1] See the U.S. Department of State 2011 Investment Climate Statement http://www.state.gov/e/eb/rls/othr/ics/2011/157383.htm and the Venezuelan government websites http://venezuela-us.org/inversion-extranjera-en-la-republica-bolivariana-de-venezuela/ and http://www.mincomercio.gob.ve/index.php?option=com_content&view=article&id=118:superintendencia-de-inversiones-extranjeras-siex&

[2] According to Article XII 2) of the New York Convention, “[For each State ratifying or acceding to this Convention after the deposit of the third instrument of ratification or accession, this Convention shall enter into force on the ninetieth day after deposit by such State of its instrument of ratification or accession.”  Venezuela deposited its instrument of ratification on 8 Feb., 1995 (information available at http://www.uncitral.org/uncitral/en/uncitral_texts/arbitration/NYConvention_status.html , last visited on March 1, 2010).

[3] According to Article 10 of the Panama Convention, “[f]or each State ratifying … the Convention after the [Convention’s entry into force,] the Convention shall enter into force on the thirtieth day after deposit by such State of its instrument of ratification.”  Venezuela deposited its instrument of ratification on May 16, 1985 (information available at http://www.sice.org/dispute/comarb/intl_conv/caicpae.asp).

[4] According to Article 11 of the Montevideo Convention, “[f]or each State ratifying … the Convention after the [Convention’s entry into force,] the Convention shall enter into force on the thirtieth day after deposit by such State of its instrument of ratification.”  Venezuela deposited its instrument of ratification on February 28, 1985. (Information available at http://www.sice.org/dispute/comarb/intl_conv/caicmoe.asp).

[5] Venezuela submitted a notice of denunciation to the ICSID Convention on January 24th, 2012. In accordance with Article 71 of the ICSID Convention, the denunciation took effect on July 25th, 2012. See ICSID, List of Contracting States and Other Signatories of the Convention (as of April 11, 2014) available at (https://icsid.worldbank.org/ICSID/FrontServlet?requestType=ICSIDDocRH&actionVal=ShowDocument&language=English)

[6] Language abbreviations: English = Eng.; Spanish = Sp.; French = Fr.; Portuguese = Por.; German = Ger.

[7] Sources:  UNCTAD – Country-specific lists of BITs, available at http://www.unctad.org/Templates/Page.asp?intItemID=2344&lang=1.

[8] Included only in UNCTAD, full text of treaty not available.

[9] This is only negotiating document with a draft BIT not yet signed.

[10] (UNCTAD) According to the official website of the Venezuelan Ministry of Foreign Affairs, the signature date July 2, 2002.

[11] Appears only in UNCTAD.

[12] Appears only in UNCTAD; full text not available.

[13] Appears only in UNCTAD, full text not available.

[14] According to Ministry of Foreign Affairs website, the BIT entered into force on 14 Sept. 1993.

[15] On April 30, 2008 Venezuela formally announced its intention to terminate the Netherlands-Venezuela BIT effective November 1, 2008.   See http://www.iareporter.com/Archive/IAR-05-16-08.pdf. The treaty provides that it will continue to protect investments made prior to that date for a period of 15 years (Art. 14(3)).

[16] Full text available in Spanish in Gaceta Oficial de la República Bolivariana de Venezuela No. 39.191, dated June 2, 2009, available at http://www.tsj.gov.ve/gaceta/junio/020609/020609-39191-10.html

[17] Full text available in Spanish in Gaceta Oficial de la República Bolivariana de Venezuela No. 39.170, dated May 4, 2009.  See http://www.pgr.gob.ve/Recursos/gaceta.asp.

[18] Source: OAS – SICE Foreign Trade Information System, available at http://www.sice.oas.org/agreements_e.asp, last visited:   February 4, 2009.

[19] Venezuela formally announced its intent to withdraw from the G3 on May 31, 2006. The withdrawal became effective on November 19, 2006.

[20] Provides for free trade zones/free ports. A Free Zone is an area of land, with well-defined physical boundaries, that benefits from a special tax policy and is governed by the Venezuelan Free Zone Act. The three existing free trade zones are located in the Paraguana Peninsula, Atuja in the State of Zulia, and Merida (but only for cultural, scientific, and technological goods).  Venezuela has two free ports that also enjoy exemptions from most tariff duties: Margarita Island (Nueva Esparta) and Santa Elena de Uairen in the state of Bolivar. Source: http://www.state.gov/e/eb/rls/othr/ics/2011/157383.htm

[21] The 153-member World Trade Organization (WTO) was created to replace GATT.

[22] Source: WTO, available at http://www.wto.org/spanish/thewto_s/countries_s/venezuela_s.htm 

[23] On 1 January 1995, the WTO replaced GATT, which had been in existence since 1947, as the organization overseeing the multilateral trading system. The governments that had signed GATT were officially known as “GATT contracting parties”. Upon signing the new WTO agreements (which include the updated GATT, known as GATT 1994), they officially became known as “WTO members”.  See http://www.wto.org/english/thewto_e/gattmem_e.htm

[24] ALADI, the Latin American Integration Association, consists of 12 nations: Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Paraguay, Peru, Uruguay and Venezuela.  It was established on 12 August 1980 with the Treaty of Montevideo, which regulates its operations and general principles of the group. See http://www.aladi.org/nsfweb/sitio/index.htm

[25] Date Venezuela became part of the Cartagena Agreement. Source: http://www.comunidadandina.org/quienes/crono.htm

[26] Source: http://www.state.gov/e/eb/rls/othr/ics/2011/157383.htm

[27] The Mercosur treaties can be found at: http://www.mre.gov.py/dependencias/tratados/mercosur/registro%20mercosur/mercosurprincipal.htm

[28] Cases are presented in chronological order taking into consideration the registration number (Int’l arbitration cases) or the day of issuance (Court decisions).

[29] Date the decision or award was rendered.

[30] Date the decision was rendered.

[31] No. of cases administered by the International Center for Dispute Resolution of the AAA with a  party from Venezuela.

[32] No. of Parties from Venezuela involved in Arbitration cases und­er ICC Rules.

[33] No. of cases registered by the ICSID Secretariat with Venezuela as Respondent State.

[34] No information available.­

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