The Secretary-General registers a request for the institution of arbitration proceedings. 

Following appointment by the Claimant, Guido Santiago Tawil (Argentine) accepts his appointment as arbitrator.

Following appointment by the Respondent, Lucinda Low (U.S.) accepts her appointment as arbitrator.

Lucinda Low withdraws the acceptance of her appointment as arbitrator.

Following appointment by agreement of the parties, Raúl E. Vinuesa (Argentine, Spanish) accepts his appointment as presiding arbitrator.

Guido Santiago Tawil withdraws the acceptance of his appointment as arbitrator.

Following appointment by the Claimant, Carmen Núñez Lagos (Spanish) accepts her appointment as arbitrator.

Following appointment by the Respondent, Lucinda Low (U.S.) accepts her appointment as arbitrator.

The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Raúl E. Vinuesa (Argentine, Spanish), President, appointed by the Secretary-General pursuant to the parties’ agreement; Carmen Núñez-Lagos (Spanish), appointed by the Claimant; and Lucinda A. Low (U.S.), appointed by the Respondent.

The Respondent files a request under articles 12.09 and 12.19 of the Central America - Panama Free Trade Agreement.

The Tribunal holds a first session by video conference.

The Claimant files a counter-memorial on the Respondent’s request of February 10, 2021.

The Tribunal issues Procedural Order No. 1 concerning procedural matters.

The Respondent files a reply on the Claimant’s counter-memorial of March 31, 2021.

The Claimant files a rejoinder on the Respondent’s reply of April 21, 2021.

The Tribunal issues Procedural Order No. 2 concerning the Respondent’s request of February 10, 2021.

The Tribunal issues Procedural Order No. 3 concerning procedural matters.

The Tribunal issues Procedural Order No. 4 concerning procedural matters.

The Tribunal issues Procedural Order No. 5 concerning procedural matters.

The Claimant files a memorial on the merits.

The Respondent files a memorial of bifurcated issues.

The Claimant files a counter-memorial of bifurcated issues.

 Following exchanges between the parties, the parties file a request for the Tribunal to decide on production of documents.

The Tribunal issues Procedural Order No. 6 concerning production of documents.

The Respondent files a reply memorial of bifurcated issues.

The Tribunal holds a pre-hearing organizational meeting with the parties by video conference.

The Claimant files a rejoinder memorial of bifurcated issues.

The Tribunal issues Procedural Order No. 7 concerning the organization of the hearing.

The Tribunal holds a hearing on bifurcated issues in person in Washington, D.C. and by video conference.

Each party files a statement of costs.

The Tribunal issues a decision on bifurcated issues.

The Claimant files an addendum to its memorial on the merits.

The Respondent files a counter-memorial on the merits.

Following exchanges between the parties, the parties file a request for the Tribunal to decide on production of documents.

The Tribunal issues Procedural Order No. 8 concerning production of documents.

The Claimant files a reply on the merits.

The Respondent files a rejoinder on the merits.

The Tribunal holds a pre-hearing organizational meeting with the parties by videoconference.

The Tribunal issues Procedural Order No. 9 concerning the organization of the hearing.

The Claimant files a request for the Tribunal to decide on the admissibility of new evidence.

The Respondent files observations on the Claimant’s request of July 24, 2025.

The Tribunal decides on the Claimant’s request of July 24, 2025.

The Tribunal holds a hearing on the merits in person in Washington, D.C. and by video conference.

The Tribunal poses questions to the parties.

Each party files answers to the questions posed by the Tribunal on August 15, 2025.

Each party files a statement of costs.