Abstract
The stunning vote against the Colombian Peace Agreement opens an opportunity to include in the negotiations issues that were not included in the first deal—despite the fact that their omission had the potential to undermine the goal of a sustainable peace. One such issue is foreign investment law. Since the beginning of the talks, the Colombian government was keen on emphasizing that the country’s “economic model” was not subject to negotiation. The shadow of Venezuela loomed large in that position. Whatever came out of the talks was to be integrated in a framework of a free market economy, where private property and, above all, foreign investments would be respected.
Highlights
The stunning vote against the Colombian Peace Agreement opens an opportunity to include in the negotiations issues that were not included in the first deal—despite the fact that their omission had the potential to undermine the goal of a sustainable peace
Whatever came out of the talks was to be integrated in a framework of a free market economy, where private property and, above all, foreign investments would be respected.[1]
The rejected deal will serve as the basis for the continuing negotiation; it is important that foreign investment law be considered in a new deal
Summary
The stunning vote against the Colombian Peace Agreement opens an opportunity to include in the negotiations issues that were not included in the first deal—despite the fact that their omission had the potential to undermine the goal of a sustainable peace. One such issue is foreign investment law. This essay shows how the rejected deal would have created conflicts, in connection with foreign investments in mining and agroindustry, and makes recommendations for the way peace negotiators and investment arbitrators might approach them moving forward: negotiators should strive to include language to the effect that the agreement is necessary to protect Colombia’s essential security; and arbitrators should adopt a deferential approach that acknowledges the humanitarian dimension of their responsibility as adjudicators
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