In today’s message to reporters, the chief of ministers praised as well a decision by the International Centre for Settlement of Investment Disputes (ICSID) supporting Argentina’s position in a 2004 dispute with the Germany company Daimler Financial Services AG, following some economic measures taken by the South American country to cope with the effects of its 2001-2002 devastating crisis and historic default.

Friday, January 9, 2015

Capitanich praises China ties, ICSID ruling in Daimler dispute

Cabinet Chief Jorge Capitanich addresses reporters at the government house.

Cabinet Chief Jorge Capitanich said there were “no preferences” in bilateral relations with China and praised an ICSID ruling favouring Argentina in a dispute with Germany’s Daimler.

In his daily press briefing at the government house, Capitanich highlighted today the progress achieved during the first ministerial meeting between the Community of Latin American and Caribbean States (CELAC) and China, pointing out the main goals that have been announced for the decade: “10 billion dollars in the acquisition of strategic goods in the region (such as) mining, energy, beef, cereals and a series of important products for the next decade.”

The head of ministers explained trade exchange is expected to reach 500 billion dollars while investment strategies are set for a goal of 250 million dollars in 10 years.

“Argentina has signed bilateral agreements with China in an equivalent way to the rest of the countries (allowing to) sustain clearly our position without any kind of privilege, emphatically denying what some warn about preferences regarding Chinese working force in Argentina.”

Furthermore, Capitanich confirmed President Cristina Fernández de Kirchner will be visiting the Asian giant on February 4 and 5 to continue making “progress in the strengthening of the bilateral relations.”

ICSID ruling

In today’s message to reporters, the chief of ministers praised as well a decision by the International Centre for Settlement of Investment Disputes (ICSID) supporting Argentina’s position in a 2004 dispute with the Germany company Daimler Financial Services AG, following some economic measures taken by the South American country to cope with the effects of its 2001-2002 devastating crisis and historic default.

By that time, Daimler alleged such decisions violated an investment bilateral trade signed between Argentina and Germany filing a case worth 447 million euro.

“The position of Argentina prevailed with the ICSID saying it had no jurisdiction and therefore could not intervene in the complaint,” Capitanich explained adding that the German firm “had not turned to Argentine judicial tribunals to settle the controversy in a period of 18 months prior to the arbitration.”

“The position of Argentina was to maintain strength and conviction facing this complaint that allows the country to save 447 million euro,” the ex governor of the Chaco province affirmed.