The denunciation of the International Centre for Settlement of Investment Disputes agreement and its consequences for the Ecuadorian economy

Abstract

The purpose of this research is to make known the different positions, criteria and opinions that various doctrinarians in the world have adopted about international arbitration, specifically in the area of investments, and the restricted treatment of this for the development of the country that comes from of the Ecuadorian legal system. The relevance of this work lies in the proposal and motivation, so that they are increasingly the number of jurists and law students, who are actively involved in debates on innovative issues; thus allowing other areas of law previously ignored, such as international investment arbitration, to be explored from a critical perspective. In addition, what enriches this academic essay is precisely the diversity of approaches but above all the depth and seriousness with which they are analyzed. The main and most interesting findings are: firstly the temporality of the bilateral  investment treaties (BITs), and how this affects the moment of deciding and specifying the investment; Second, there is the denaturalization of the essence of arbitration as an alternative means of resolving conflicts based on the Constitution of the Republic of Ecuador, whose birth took place in the city of Montecristi. Finally, it is worth highlighting that the Legislative should differentiate in the constitutional text, the scope and nature of the contractual term and the investment respectively, also the Ecuadorian State, with such conduct, which limits rights would be violating the fair and equitable treatment, that it is an international obligation, for which it could be accused and internationally responsible.

Keywords: Foreign investment, Alternative dispute resolution methods, Investment arbitration, bilateral investment treaties (BITs), CIADI