Ecuadorian Regime plans to create a new arbitration court

Jorge Glas (Left) and Ricardo Patino (Right) discuss a new regional arbitration court

Due to international demands that the Ecuadorian state faces with state oil company Occidental (OXY) and Chevron, the country establishes the need to create a new regional arbitration court.

Just as it was proposed in March to create a parallel system of human rights protection, when they had disagreements with the role of the Inter-American Commission on Human Rights (IACHR) now points to the South American Union of Nations (UNASUR) to that instance of solutions to controversies with foreign companies.

“We had serious problems due to the abuses of transnational corporations and the legal institutions of the arbitrations that have always been against our country, so we have decided to say enough, we have to make decisions in order to correct these abuses” said Ecuadorian Foreign Minister Ricardo Patino during the opening of the meeting in reference to the interventions of the International Centre for Settlement of Investment Disputes and Investment (ICSID) for the cases of Oxy and Chevron.

While the vice president-elect, Jorge Glas, Ecuador showed an example in changing relations with transnational saying that was achieved through the “political model of the citizen’s revolution“, which formed a new constitution and added that Ecuador is the first country in the world to receive the highest proportion of income on mining, 52% in law sector, and the fifth most profit sharing.