An impressive audience of trade and law experts from around Washington attended and peppered the panel with questions.
Early reactions to the new USMCA agreement included questions and criticism in business circles that the new pact seems to reduce well-established investment protections, especially ISDS arbitration procedures to settle disputes.
USCIB Vice President for Investment and Financial Services Shaun Donnelly joined senior officials of the Canadian and Mexican embassies in Washington on a panel on “What Does NAFTA 2.0 Mean for Investor Protection in North America and Beyond?” The session was hosted by a leading Washington law firm, Sidley Austin, and co-sponsored by the American Society of International Law.
An impressive audience of trade and law experts from around Washington attended and peppered the panel with questions. Both the Embassy officials, Minister Counselor form the Canadian Embassy Colin Bird and Mexico Embassy Counselor Aristeo Lopez Sanchez, had been intimately involved in the long-running NAFTA/USMCA negotiations on the Investment Chapter. Early reactions to the just announced new USMCA agreement has included many questions and some criticism in business circles that the new pact seems to reduce well-established investment protections in the NAFTA, especially the Investor-State Dispute Settlement (“ISDS”) arbitration procedures to settle disputes between foreign investors and host government. According to Donnelly, the discussions and questions at the panel were very detailed and candid.
“I thought we had an excellent and very candid discussion,” said Donnelly. “The two Embassy experts were outstanding and very knowledgeable. The moderator, Sidley Austin Partner Marinn Carlson, did a great job of setting the context and focusing the session on specific provision of the new USMCA. I appreciated the opportunity to represent broad U.S. business views, questions, and concerns. We at USCIB and our member companies are currently trying to dig into the detailed provisions on the USMCA on investment and other important chapters. This Sidley/ASIL session really helped me to both get more detailed information from the government experts and to lay on the table some important questions and concerns we in the business community are looking at. It was an excellent session.”