Time to Join the "BIT Club"? Promoting and Protecting Brazilian Investments Abroad - ARIA Vol. 24, No. 2, 2013
Lucas Bento
LL.B, LL.M, PGDip. The author is an Associate at Quinn Emanuel Urquhart &
Sullivan LLP and Chair of the International Arbitration Sub-Committee of the Inter-
American Affairs Committee at the New York City Bar Association. The author would
like to thank Dr. Karl Sauvant from Columbia Law School for his comments on an earlier
version of this paper. The author is also grateful for the comments provided by Gabriel
Alves Da Costa (legal counsel at Shell Oil Company), Jonathan Hamilton (partner at
White & Case), William Mack (director, Executive Secretariat United States Trade
Representative at the White House), and Rebecca Cockayne (University of Oxford). I am
extremely indebted to the editorial team of The American Review of International
Arbitration, and particularly to Elizabeth Cooper. Many thanks also go to Professor
Carlos Borromeu de Andrade (international general counsel, Petrobras) and Thiago Bento
(founder of Knoow.it) for comments on an earlier draft of this article. It is important to
emphasize that they should not be taken to agree with any of the views herein, nor with
my expression of them. All errors remain my own.
Originally from American Review of International Arbitration - ARIA
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"Emerging? No. Brazil has already emerged."
I. INTRODUCTION
The tables have turned. Multi-National Enterprises ("MNEs") hailing from
developed countries are no longer exclusive protagonists in the Foreign Direct
Investment ("FDI") arena. Indeed, the world has begun to focus attention on
MNEs from emerging markets.2 Brazil, with its thriving economy and growing
international presence, is a case in point.
Endowed with the seventh largest economy in the world,3 Brazil has attracted
considerable attention from investors, economists and governments around the
world.4 This resource-rich country is home to prominent global companies,5 such
as Petrobras, one of the world’s largest oil companies,6 and Vale, the world’s
biggest iron ore producer.7 Although commodities are undoubtedly one of
Brazil’s economic strengths, the country also boasts thriving banking8 and
insurance9 communities, as well as a well-developed technological industry.10