Guatemala City. By Lucía Contreras -AGN-. Guatemala, with the support of the Ministry of Foreign Affairs -Minex- and the Permanent Court of Arbitration, signed a memorandum of cooperation to work together in arbitration processes.
In a statement, Minex said that the memorandum’s purpose was to promote efforts toward arbitration and other means to resolve international disputes peacefully.
In addition, the agreement was signed in The Hague, the Netherlands, during the work tour of the Guatemalan Foreign Minister, Mario Búcaro.
Minex mentioned that the agreement would allow for better communication between the signing parties.
The Ministry of Foreign Affairs stressed they would reinforce Guatemala’s role in promoting peaceful solutions to international controversies or disputes.
This institution also indicated that Guatemala would promote investment protection arbitration, conciliation, and mediation processes.
According to Minex, the Secretary-General of the Permanent Court of Arbitration, Marcin Czepelak welcomed Búcaro.
During the meeting, Czepelak expressed his satisfaction with Guatemala’s strong support for the arbitration process.
Therefore, the Ministry of Foreign Affairs pointed out that the country is a contracting party to the Conventions for the Pacific Settlement of International Disputes, issued in 1899 and 1907.
Since then, Guatemala has participated in the Permanent Court of Arbitration activities related to promoting peace and dialogue.
In early December, the Ministry of Economy organized training activities on investment arbitration under the international trade agreements.
Over 80 people participated in learning how investment arbitration is conducted.
This activity will strengthen Guatemala´s procedures in the investment arbitration to resolve disputes between Host States and foreign investments, and improve communication in an effective manner among both parties.