Ecuador’s new leftist president has decided not to renew a bilateral investment treaty with the United States, the country’s foreign minister said Monday, just days before a senior US official is due to visit.
When Bolivian President Evo Morales took office in January 2006, he pledged to follow through on his campaign pledge to increase Bolivians’ share of revenues from their major source of foreign income, natural gas. International gas companies, however, threatened to sue. Previous Bolivian governments had signed a flurry of bilateral investment treaties that gave foreign investors the right to bypass domestic courts and file such lawsuits through international tribunals. Morales complained that these rules made him feel like a “prisoner” in the presidential palace.
Presidents including Ecuador’s Rafael Correa, Venezuela’s Hugo Chavez and Bolivia’s Evo Morales are bypassing the US in reaching trade accords and strengthening diplomatic and commercial ties with nations that compete with, or are hostile toward, US interests.
When Ecuadorians went to the polls on Nov. 26 they collectively said no to neoliberalism as they voted overwhelmingly for maverick candidate Rafael Correa over billionaire banana tycoon Alvaro Noboa.
The Bush administration said Wednesday it will renegotiate the language covering labor rights in free trade agreements it has reached with Peru, Colombia and Panama, in order to get the deals approved by the new Democratic Congress. The three countries have already been notified.
Correa’s government officially announced that Ecuador is not interested at the moment to negotiate a free trade agreement (FTA) with the US.
Ecuador will refrain from signing a free trade agreement with the United States and will not renew the agreement for use of Manta Air Base by the US military, confirmed President-Elect Rafael Correa Thursday.
The country is split over a possible permanent trade deal with the US.
Ecuador’s President-elect Rafael Correa said Sunday that he will not sign a free trade agreement with the United States. "We don’t have a national currency, we have the dollar," he told Radioprogramas. "If as a result of the agreement, Peru and Colombia have a problem in the external sector, they reduce the currency’s value and correct the imbalance. Ecuador can’t do that and the consequences could be incalculable."
Ecuador’s President-elect Rafael Correa said Sunday that he will not sign a free trade agreement with the United States but will seek extended trade preferences under an anti-drug agreement.
Canada has proposed starting official talks with Ecuador on a bilateral free-trade agreement before the end of 2006, the Andean nation’s Foreign Ministry said Friday in a press statement.
In many ways, the flower industry in Ecuador put this small town on the map. Now, just as quickly, it may be erasing it.
US-based Occidental Petroleum Corporation (OXY) has dropped a compensation claim against Ecuador’s state oil company Petroecuador in a move that analysts said may strengthen the oil firm’s case against the government.
Ecuadorian President Alfredo Palacio has rejected arbitration against his nation for annulling in May the contract with US Oxy oil company that operated there.
An international arbitration court has rejected a request by Occidental Petroleum Corp. to stop Ecuador from seizing its assets in the Andean country, a government official said on Tuesday.
The outcome of Occidental Petroleum’s latest dispute with Ecuador will be an important test of the effectiveness of BITs in protecting overseas investor rights in volatile political climates.
The foreign ministers of the Andean Community of Nations (CAN) forged ahead in attempts to quiet fears of an imminent collapse of the bloc following Venezuela’s withdrawal, despite member-country political differences that were all too evident at the regional summit.
More fall out from the Ecuador-Oxy clash: things went from bad to worse for Ecuador-US Free Trade negotiations when Ecuador’s Minister of Finance, Jorge Illingworth and his successor, Manuel Chiriboga both resigned.
The Ministers of Health of ten South American countries issued a
joint declaration on intellectual property committing themselves to
avoid "TRIPS plus" provisions in bilateral and regional trade agreements,
to facilitate the use of compulsory licensing and parallel importing and to
avoid broadening the scope of patentability and the extension of
Showing the door to Occidental Petroleum (Oxy) and scuttling US free trade negotiations have long been agenda priorities for Ecuadorian social movements and political sectors. But following government steps that have all but made these goals a reality, the atmosphere seems more anxious than celebratory.