The International Relations Committee of the National Assembly issued its report on the complaint of thirteen Bilateral Investment Treaties (TBI). The last to be adopted was that Ecuador has with the United States, which was signed in 1993.
According to the Government, this document contains provisions contrary to the Constitution that harmful to the national interests and the Ecuadorian State to submit to international arbitration to resolve disputes in the event of this agreement and dismisses the Ecuadorian jurisdiction.
Coalition Assemblyman Cesar Montufar, stated that the decision is a mistake of the Ecuadorian president as harmful to entrepreneurs and workers who are linked with economic activities.
Only five of the TBI received the support and vote of the Assembly: Germany, Finland, Great Britain, Sweden and France. While Javier Landa, Economic and Commercial Counselor of the Embassy of Spain in Ecuador, said that there is some uncertainty about how investors’ interests are protected.
He added that TBIs with Spain and Bolivia would be terminated. “He has not started the process (of complaint), but we have announced they will be among the countries. What we hope is that the alternative appears quickly…” said Landa.