In February of 2011 the Ecuadorian Courts delivered an historic verdict, sentencing the Big Oil Corporation Chevron to pay US$9,500 million dollars for its contamination of the Ecuadorian Amazon (1964-1992). However, Chevron hit back via the Investor-State Dispute Settlement system and sued Ecuador.
Ecuador has “prioritised” efforts to sign bilateral investment treaty and trade agreement with Qatar.
Pablo Fajardo, the lead lawyer for the communities who have been fighting for 25 years for compensation for the severe pollution in the amazon region, and Donald Moncayo, one of the coordinators of the organization that has led this campaign talk about the Chevron case.
Victims of Chevron-Texaco’s pollution of the Ecuadorean Amazon have vowed to fight to protect the ruling which has granted them compensation.
Ecuadorian Foreign Trade and Investments Minister Pablo Campana expressed his intention to have an economic partnership agreement with Japan
Ecuador will be forced to pay economic reparations to the oil giant. The over 30,000 affected people in the Amazon haven’t received any compensation.
The signatories of this letter wish to express their rejection of this decision and their support for the people of Ecuador and the organizations that have defended the communities affected by Chevron Texaco.
Ecuador’s President Lenin Moreno has indicated that the country will consider joining the Trans-Pacific Partnership free trade agreement while seeking diversification of its trade and industry.
The EFTA states would like to abolish all industrial tariffs in trade with Ecuador, facilitate trade in services, and secure investments. These are all provided for in the free trade agreement, which has now been signed in Iceland.
The agreement will allow export of shrimp and tuna products to EFTA countries with a zero export tariff.
Recent declarations made by members of the newly elected government of Ecuador reveal a reversal of its predecessor’s decision to denounce and withdrawal from the ICSID Convention, as well as all of Ecuador’s bilateral investment treaties
The European Free Trade Association (EFTA) states – Iceland, Liechtenstein, Norway, and Switzerland – and Ecuador have concluded the fifth round of talks towards an agreement that will reduce tariff and non-tariff barriers to bilateral trade.
Under the terms of the agreement, ConocoPhillips will recover a total of $337 million from Ecuador.
The European Free Trade Association (EFTA) states and Ecuador held their fourth round of negotiations on a Comprehensive Economic Partnership Agreement on October 9-13 in Geneva, Switzerland.
The UK´s trade dialogue with the Andean countries will aim to strengthen bilateral trade and prepare the ground for potential future FTAs post Brexit.
Chevron is victorious after the Supreme Court declined to hear a case made against the company by a NY lawyer representing Ecuadorian villagers.
The withdrawal of Ecuador from these BITs responds to the final stage of a review process that started in 2008, and which had led to the establishment of a joint government-civil society audit commission.
Just days before his term ends, Rafael Correa said he will take a stand against agreements signed before the country’s Citizens Revolution.
Ecuador’s review of its investment agreements may be unique in terms of scope, depth and citizen participation, however it is a part of an international trend towards increased scepticism towards the international arbitration system.
The European Free Trade Association states – Iceland, Switzerland, Liechtenstein, and Norway – and Ecuador have continued discussions towards a free trade agreement.