Ecuador for alternatives to bilateral investment treaties

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Prensa Latina | 22.10.2013

Ecuador for alternatives to bilateral investment treaties

Quito, Oct 22 (Prensa Latina) — Foreign minister Ricardo Patiño announced here today that Ecuador looks for alternatives to the Bilateral Investment Treaties (BIT) -TIB in Spanish- signed with other countries and considered dangerous to national sovereignty.

In principle, we do not agree with BITs, said Ecuadorian minister of Foreign Relations, during a work breakfast with representatives of local and foreign media.

According to Patiño, the Ecuadorian Foreign Ministry even prepared a formula named Investment Accords for Development, to sign agreements with friendly nations.

The BITs or TBI in Spanish, are inequitable because they always put capital in the lead and workers and the environment behind.

The head of Ecuadorian diplomacy revealed that results o fan audition ordered by the president Rafael Correa on 26 of such treaties, which will be ready in eight months time.

The commission that carries out an investigation formed by 12 Ecuadorian experts and from other Latin American countries and has as objective to revoke those BITs considered damaging for Ecuador.

When announcing the start of the audit, president Correa said those agreements signed by former neoliberal governments are a true assault on Ecuadorian sovereignty and a reflection of the empire of capital.

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source: Prensa Latina