July 24, 2021

The Apex Herald

Complete British News World

Ecuador re-enters controversial ICSID arbitration agreement – Brenza Latin

Returning to the agreement was established by Executive Order 122 signed by President Guillermo Lasso, in which he agreed to all the contents of that forum.

According to the rules, inclusion in the ICSID comes after a resolution issued by the Constitutional Court on June 30, which establishes that “no legislative approval or pre-binding opinion on the Constitution is required, an unacceptable opinion”.

In this regard, some legislators, such as Salvador Quispe from the Green Party, view Magna Carta’s violations.

In his view, the return to ICSID “will lead to greater poverty for companies and more wealth for millions through free trade agreements, privatization and extraction programs.”

“With ICSIT, Ecuador is losing sovereignty and an Ecuadorian judge will not be able to pass a transnational judgment,” said Hope legislator Esther Costa.

Economists such as former Republican President Rafael Correa also spoke of returning to the conference.

Guillermo Lasso has endorsed an agreement with the ICSID, which is clearly unconstitutional. As we begin to experience the effects of this new distribution of the homeland, please do not forget its authors, ”he said.

In the same vein, Andres Arras, a former candidate for dignity and economist, said: “Ecuador’s experience was terrible, we lost two billion dollars.”

For his part, former Vice President Kinto Lucas warned that the return to the tool would not only be unconstitutional, but would encourage theft from the country in every contract signed with transnational corporations.

According to Judge Alejandro Vanegas, getting Ecuador approved as a state is a bad political decision because in the end, the bills are currently being paid by citizens living in poverty and extreme poverty.

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“Those oil and privatization businesses are coming into a few hands,” he concluded.

Ecuador first signed the Convention and deposited the Approval Tool on January 15, 1986.

On July 6, 2009, the World Bank Committee received a written notice of condemnation from the National Government, which came into force on January 7, 2010, in accordance with Article 71 of the ICSIT Conference.

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