The Central American country of El Salvador could be forced to pay US$301 million to Canadian-Australian mining multinational OceanaGold as the two face off in a World Bank investor-state tribunal with proven tendency to favor corporate interests over arguments for protecting national sovereignty, the environment, and human rights.
In anticipation of an imminent ruling from a little-known arbitration tribunal at the World Bank that could force El Salvador to pay Canadian-Australian mining firm OceanaGold US$301 million, a Salvadoran delegation is visiting Canada to discuss how investor-state arbitration threatens democratic decision-making, public health and the environment here and beyond our borders.
The International Trade Union Confederation calls on the government of El Salvador to denounce all treaties establishing ISDS proceedings.
The Central American state of El Salvador could be forced to pay US$301 million in damages to an Australian-Canadian mining company, OceanaGold, after the company’s application for a mining license was rejected on the basis of the projected environmental damage it would cause.
Rigoberto Monge, the economic advisor of the Salvadoran Industrial Association (ASI), reported that El Salvador and Canada are finalizing a free trade agreement.
Australian-based company OceanaGold is suing El Salvador for US$301 million for its “right” to continue operating a gold mine that is destroying the Central American nation’s water supply.
While the seeds dispute was an effective rallying point, social movements must confront the elephant in the room – CAFTA.
Pacific Rim Mining Corp., a Canadian-based multinational firm, sought to establish a massive gold mine using water-intensive cyanide ore processing in the basin of El Salvador’s largest river, Rio Lempa.
The controversy over government procurement of seeds in El Salvador is a clear example of how US free trade agreements with developing countries can undermine national development goals, as Oxfam warned during the negotiation and debate over CAFTA, writes Stephanie Burgos.
Washington and El Salvador moved closer to agreement on a $277 million U.S. aid package Tuesday after the Obama administration took steps to defuse a contentious trade dispute over a modest Salvadoran program to buy seeds for poor farmers.
The US State Department stands accused of conditioning development aid to El Salvador to benefit and boost foreign agribusiness in the Central American nation.
Last week more than 300 international and national civil society organizations wrote to the president of the World Bank, Jim Yong Kim, during its biannual meeting in Washington, denouncing the bank’s involvement in the case of Pac Rim Cayman LLC v. El Salvador.
A multinational mining company has been accused of launching "a direct assault on democratic governance" by suing El Salvador for more than US$300m (£179m) in compensation, after the tiny Central American country refused to allow it to dig for gold amid growing opposition to the exploitation of its mineral wealth.
Activists are challenging rules that grant corporations the right to sue governments.
Peru’s Minister of Foreign Trade and Tourism, Magali Silva, said that Peru has started the first talks toward an eventual free trade agreement between Russia, Kazakhstan, Belarus, India, Indonesia, Turkey and Israel.
With the recent ratification by the Salvadorean members of the House of Representatives, the Association Agreement between Central America and the European Union (EU) will enter into effect on August 1st. The agreement has been strongly rejected by social organizations.
Canadian company Pacific Rim can move forward under El Salvador law with a case against that country’s government for blocking a gold mining project, but cannot file suit under a regional trade agreement, a World Bank arbitration panel ruled.
Tomorrow, the AFL-CIO will join the Institute for Policy Studies (IPS) and activists from a range of labor and environmental groups to converge on the World Bank headquarters in Washington, D.C., for a noon protest in opposition to a CAFTA case being brought against the Salvadoran government by Pacific Rim.
The governments of Mexico and five Central American countries signed in El Salvador a free trade agreement (FTA) that unifies the existing ties in one body.
Pacific Rim is suing the Salvadoran government in an international investment court, one of scores of cases in recent years in which frustrated oil, gas and mining investors, using provisions of trade agreements, have sought to recoup losses from mostly developing countries.