In Ecuador, residents of the country’s eastern rainforest are suing Chevron Texaco. They say that the methods Texaco used to drill for oil in the 1970’s and 1980’s caused billions of dollars in environmental damage and health problems that continue today.
Representatives of the Chambers of Commerce, Industry, Agriculture and the Ecuadorian-US Chamber have asked the Ecuadorian government to not transform the non-fulfillments of the US petroleum company Occidental into a political issue while it is a legal problem.
The free trade treaty that the US proposed to Ecuador and other countries in the Continent following the failure of the Free Trade Area of the Americas (FTAAs) and the World Trade Organization negotiations, is not exclusively a trade treaty; it addresses all facets of the economic, political and cultural life of our peoples.
"One of the key aspects of the free trade agreement that the United States is negotiating with Colombia, Ecuador and Peru refers to access to the biological wealth of the three South American nations."
Occidental Petroleum Corporation said today that a tribunal of international arbitrators formed under the US-Ecuador Bilateral Investment Treaty has issued its unanimous decision awarding approximately $75 million as compensation for value added tax (VAT) refunds from the company’s Block 15 operations in Ecuador that were deemed wrongfully withheld by the Government of Ecuador through December 31, 2003.
From 18-19 May, representatives of three Andean nations — Peru, Ecuador and Colombia — met with US officials in Cartagena, Colombia for the first round of negotiations aimed at a US-Andean free trade agreement (FTA).
The United States announced today that Peru and Ecuador will join with Colombia in the first round of negotiations on a U.S.-Andean Free Trade Agreement (FTA) scheduled for May 18-19.