To be part of ICSID again, Ecuador will provide a better picture of respect for contracts, which will attract investors, says the expert
Ecuadorian Ambassador to the United States Ivon Bakki signed the Convention on the Elimination of Investment Disputes (ICSIT) today. This conference is a venue Investment Dispute Resolution Internationally. So, eleven years after leaving the country in 2010, Ecuador is trying to re-enter.
After signing, Ecuador became the 164th state to sign the conference, but it has not yet been approved by the National Assembly.
“We welcome the company from Ecuador Of the ICSIT Conference. Today’s signature reaffirms the country’s commitment to strengthening its investment climate, “said ICSIT Secretary-General McKinnier.
For its part, David Malpas, Chairman of the World Bank Group And the Chairman of the ICSIT Executive Council reiterated it “Efficient and fair resolution of complaints to foreign investors is critical to fostering a competitive trading environment.”
Ecuador was the first to sign the conference Y Deposited the approval tool on January 15, 1986. According to Art. 68, the treaty came into force on February 14, 1986 in Ecuador. On July 6, 2009, the World Bank Committee (WBG) received a written notice condemning the conference Of Ciadi, Ecuador. In accordance with Article 71 of the ICSIT Conference, The complaint came into force on January 7, 2010, Six months after receiving the notification from Ecuador.
The Ecuador’s resignation from ICSID is based on a constitutional violation that “does not involve international agreements or tools”, which gives the state sovereign power over international arbitration in conflict disputes. “
By the date of the complaint, Ecuador had already received a series of lawsuits against the oil companies. (Oxy, Burlington and Berenco) Victims of rule change for their contracts. The country has to pay millions of dollars after losing cases.
Accordingly Jaime Carrey, Executive Secretary of the World Bank Organization and the Monetary Policy Laboratory (OPF), ICSIT, provides legal protection for these nature-mediated investments. Therefore, he considers it positive that the country is seeking to become part of ICSID again. It pays homage to contracts that attract investment.
For Carrera, the country is important Equal conditions with other countries in the region and in the world. (I)