Ecuadorian IIA policy: a complex and dynamic process Dr. Gustavo Guerra B. This presentation does...
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Transcript of Ecuadorian IIA policy: a complex and dynamic process Dr. Gustavo Guerra B. This presentation does...
Ecuadorian IIA policy: a complex and dynamic process
Dr. Gustavo Guerra B.
This presentation does not reflect the official position of Ecuadorian government. It is a part of an interinstitutional work in progress.
Background and facts
….international trends Presidential Commission for Analysis of
International Treaties on Investment and Double Taxation (2003): 7 public entities + private representative.
New BIT model (2004 – 2009) Presidential decision: suspend any negotiation and
evaluate to denounce all or some treaties. (2007) Ecuador submitted a reservation to ICSID:
investment controversies on non renewable resources. (2008)
Ecuador denounced 9 BITS and announced renegotiations with the rest of treaty partners. (2008)
Regulatory reform
BITS do not works as substitute for institutional quality or economic conditions.
New constitutional frame:
Priority of national investment over foreign investment
New rules on sovereignty over strategic resources (mineral, oil) and special sectors (water, telecommunications)
International dispute resolution limitation: only regional forums.
Guidelines
• Systemic re approach to international policy: investment is a economic policy issue.
• Development dimension of investment (both national and FDI). To foster Productive investment
• Priority to linkages between economic integration and commercial relationship (first trade later investment flows)
• Pragmatic decision: economic evaluation of role of BITs (econometric mechanisms).
• Conclusion: A new strategic scheme.
Alternative approach
• Previous measure: national legal framework will offer protection and other guarantees to investment.
• Depending on each selected partner:• Economic Promotion Agreements• Trade Promotion Agreements: investment
chapter• Bilateral Investment PROMOTION Treaties• …a BIT
Themes of the proposal
Components: Market access (WTO rules), national
treatment to investors Administrative facilitation Transparency rules Promotion of national investment
incentives and other programs. Institutional cooperation framework:
bilateral investment commission.