{"id":8558,"date":"2021-10-07T08:42:30","date_gmt":"2021-10-07T13:42:30","guid":{"rendered":"https:\/\/cf.iisd.net\/itn\/?p=8558"},"modified":"2024-08-09T18:31:58","modified_gmt":"2024-08-09T16:31:58","slug":"ecuador-rejoins-the-icsid-convention","status":"publish","type":"post","link":"https:\/\/www.iisd.org\/itn\/2021\/10\/07\/ecuador-rejoins-the-icsid-convention\/","title":{"rendered":"Ecuador rejoins the ICSID Convention"},"content":{"rendered":"<p>Twelve years after it denounced the agreement, Ecuador has again ratified the <span class='tooltipsall tooltipsincontent classtoolTips1'>ICSID Convention<\/span>. The agreement came back into force on September 3, following the deposit of the instrument of ratification with the World Bank on August 21.<\/p>\n<p>In 2009, during the administration of the former president Rafael Correa, Ecuador both withdrew from the convention and terminated BITs to which it was a signatory.\u00a0 Correa argued that the agreement violated <a href=\"https:\/\/iea.ec\/pdfs\/2011\/Art_Mario_Flor.pdf\">Article 422<\/a> of the Ecuadorian constitution, which prohibits \u201cinternational treaties in which the State cedes sovereign jurisdiction to international arbitration bodies.\u201d The former president also claimed that the Convention led Ecuador to face millions of dollars in cases in international arbitration.<\/p>\n<p>The decision to rejoin the ICSID Convention has also been upheld by Ecuador\u2019s Constitutional Court. However, observers <a href=\"https:\/\/www.ejiltalk.org\/ecuador-returns-to-the-icsid-convention-a-brief-assessment-of-its-decade-long-international-investment-law-exit-strategy\/\">note<\/a> that the Court must still render a judgement on Article 422 before the country can sign new IIAs and fully reintegrate into the investment protection regime.<\/p>\n<p>Rejoining the ICSID Convention was part of the <a href=\"https:\/\/www.clearygottlieb.com\/-\/media\/files\/alert-memos-2021\/ecuador-signs-the-icsid-convention.pdf\">measures to attract foreign investment<\/a> put in place by president Guillermo Lasso, who took office last May.<!--more--><\/p>\n<script type=\"text\/javascript\"> toolTips('.classtoolTips1','Convention on the Settlement of Investment Disputes between States and Nationals of Other States'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips18','International Centre for Settlement of Investment Disputes'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips63','Bilateral investment treaty'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips67','Energy Charter Treaty'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips72','Investment Court System'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips73','international investment agreement'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips100','investissement direct \u00e9tranger'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips110','inversi\u00f3n extranjera directa'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips114','Sistema de Tribunales de Inversiones'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips116','European Commission'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips118','Union europ\u00e9enne'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips119','Uni\u00f3n Europea'); <\/script>","protected":false},"excerpt":{"rendered":"<p>Twelve years after it denounced the agreement, Ecuador has again ratified the <span class='tooltipsall tooltipsincontent classtoolTips1'>ICSID Convention<\/span>. The agreement came back into force on September 3, following the deposit of the instrument of ratification with the World Bank on August 21.<script type=\"text\/javascript\"> toolTips('.classtoolTips1','Convention on the Settlement of Investment Disputes between States and Nationals of Other States'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips18','International Centre for Settlement of Investment Disputes'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips72','Investment Court System'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips110','inversi\u00f3n extranjera directa'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips116','European Commission'); <\/script><\/p>\n","protected":false},"author":26,"featured_media":15869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[397],"tags":[1932,1933],"class_list":["post-8558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bits","tag-ecuador"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts\/8558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/comments?post=8558"}],"version-history":[{"count":0,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts\/8558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/media\/15869"}],"wp:attachment":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/media?parent=8558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/categories?post=8558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/tags?post=8558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}