Sumário:The global trend towards consent to investor-state arbitration : The ICSID Convention. Investment treaties. The current stage of investor-state arbitrations -- Brazil's historic resistance to investor-state arbitration : Brazil's refusal to join the ICSID Convention; Brazil's refusal to ratify bilateral investment treaties; Brazil's refusal to ratify the Marcosur protocols for the promotion and protection of investments; Arbitration involving the Brazilian state and its subdivisions -- Considerations for Brazil to weigh in considering investor-state arbitration : foreign direct investment inflows to Brazil; Argentina's negative experience; the flip-side of the coin : Brazil as a FDI exporter; Brazil's isolation in Latin America with respect to investment arbitration; the legal obstacles.