Ver Angola

Politics

Angola to negotiate Washington convention

The country is preparing to ratify the International Convention for the Settlement of Disputes Relating to Investment between States and Nationals of Other States, also known as the “Washington Convention”.

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The ratification of this document will allow the creation of a healthy and attractive environment for international investors in the country, says the Government in a statement that VerAngola had access to.

Bearing in mind that the security guarantees for investors include the reinforcement of extrajudicial means of resolving disputes arising from investment contracts, the National Assembly approved the Draft Resolution approving the ratification of the Republic of Angola to the Convention for the Settlement of Related Disputes a Investments between States and nationals of other States, refers the document.

This diploma was generally approved by 160 votes in favour, none against and no abstentions.

The Convention for the Settlement of Investment Disputes between States and nationals of other States aims to provide means of conciliation and arbitration of disputes arising from foreign investment contracts entered into by a private individual or legal entity and a State other than its nationality .

This international legal instrument was adopted on March 18, 1965, in Washington, and enshrines principles and methods for resolving disputes arising between Contracting States and nationals of other Contracting States.

Effective October 14, 1966, 30 days after ratification by the first 20 Member States, the "Washington Convention" has already been ratified by 163 Contracting States.

Disputes are resolved at the International Center for Settlement of Investment Disputes, called CIRDI, an institution designed to provide the means of conciliation and arbitration of any disputes.