The Minister of Foreign Trade and Investment, Pablo Campana, announced that he has contacted his Canadian counterpart François-Philippe Champagne to express Ecuador’s willingness to strengthen trade relations between both countries and awaits a response.
This announcement was made at the Future of Investment event in Ecuador, where the Canadian ambassador to the country, Marianick Tremblay, highlighted the importance of resuming bilateral investment treaties (BITs), as security mechanisms and protection for investors. . “To attract investment it is essential to have a business environment that promotes trust, security, stability, legal security and respect for commitments.
The BITs are very useful to achieve these objectives, “said the diplomat. In this regard, Minister Campana said that, by order of the President, and despite being the competence of the Foreign Ministry, Foreign Trade is conducting an analysis of the BITs to solve the issue with the 16 countries that were denounced in the previous regime.
Minister Campana stressed the importance for the current government of the commercial opening of Ecuador to the world and therefore informed that a commercial agreement with Mexico is also being advanced.
To address the issue will come between May and June the Minister of Foreign Trade of that country. “There is an intention to strengthen relations with the countries of the Pacific Alliance and be part of that organization, but for this we need to sign a trade agreement with Mexico,” he said.
He also referred to the next economic plan to be submitted to the National Assembly and said that the proposal that new investments have important incentives at the hydrocarbons law level was included; of mining, elimination of the extraordinary gains tax, among others.
For his part, the president of the Chamber of Mining, Santiago Yépez, stressed that this sector has a great potential for attracting investments, but legal guarantees are required. In this regard, he agreed on the need for the Government to eliminate the extraordinary income tax and asked him to review the issue of royalties for small, medium and large mining. (I)