Abstract

PRIETO-RIOS, Enrique Alberto. BITs and the Colombian Constitution of 1991: Internationalization of the Economy in the Context of the Social Rule of Law. Estud. Socio-Juríd [online]. 2011, vol.13, n.1, pp.109-143. ISSN 0124-0579.

A discussion of the twenty years of the Constitution from today's perspective necessarily implies an analysis of the opening, internationalization and insertion of the Colombian economy in the global markets and its effects on the nation's economy and on society. This article discusses the development of Bilateral Investment Agreements (BITs, or APPRI by its acronym in Spanish), within the framework of the Colombian Constitution of 1991 and the importance given by the Colombian government to these treaties as a tool for economic, technological and scientific development. In this sense, this paper begins by analyzing the treaties and their development in the international scene. Then it focuses on the BITs in Colombia in the light of Constitutional Court jurisprudence and rulings on the matter. Special emphasis is made on the issue of expropriation of foreign investments in Colombia under the Constitution of 1991, the contradiction between the Constitution and the BITs, and the solution given to the controversy by Colombian Congress. Lastly, the article makes a theoretical critique on the effectiveness and necessity of these treaties for Colombian society.

Keywords : BIT; APPRI; foreign investment; expropriation; internationalization and economic integration; economic development; equality; monopolies; international arbitration.

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