News Feed Item

Ecuadorian Embassy Forum Seeks To Modernize Foreign Direct Investment System

Leading Economists, Academics, and Attorneys Come Together To Find Common Ground, Policy Solutions

WASHINGTON, April 8, 2014 /PRNewswire/ -- On April 8, the Embassy of Ecuador and Vale Columbia Center on Sustainable International Investment convened a forum titled "Development, FDI and Investment Treaties" at the Cultural Center of the Inter-American Development Bank in Washington, DC. The forum brought together leading economists, attorneys, and academics in an open discussion to find policy solutions on foreign investment and the international frameworks that govern it.

"We firmly believe that foreign direct investment (FDI) has the potential to contribute significantly to sustainable economic development but we must have trade policies that work in a 21st century world," said Ecuadorian Ambassador to the United States Nathalie Cely. "Today's conference brought together stakeholders from around the world to help establish a global set of firm standards and regulations that meet the needs of not just the industrialized world, but also developing economies. The government of Ecuador fully supports the principle that all investment risk should be rewarded, but we must balance corporate interests with public interests. Our experience in Ecuador shows that profitable and responsible investments are not mutually exclusive."

Among participants in the conference were leading economics professor Ha-Joon Chang of University of Cambridge; Richard Kozul-Wright, director of the Unit on Economic Cooperation at the United Nations Conference on Trade and Development; Julian Arato, a fellow at the Vale Columbia Center on Sustainable Development at Columbia University; legal expert José Daniel Amado; and law professor Gus van Harten of York University and previously the London School of Economics. The panelists discussed the role of FDI in the sustainable economic diversification of developing countries and the roles of investment treaties in shaping international investment.

In her remarks, Ambassador Cely argued that reform should address the legitimacy, consistency, and predictability of the system by instituting: 1) a transparent selection of arbitrators who only exercise this role and do not defend companies in other venues, which can result in obvious conflicts of interest, 2) the establishment of an appellate body within the arbitration system, 3) the incorporation in investment treaties investors' obligation to file claims only after local legal avenues have been exhausted, and 4) the incorporation of the right of States to exercise their regulatory capacity on issues related to health, environment and industrial policy, among others.

"It is entirely possible to reverse these rules," Professor Chang said. "They are entirely man-made. The only reason that these rules exist is because powerful countries wrote them that way, not because they are some inevitable consequence of economic development."

"Through creative treaty-shopping, multinational corporations can today attach robust property-style protections for their contracts with foreign sovereigns," said Fellow Arato. "I thus argue that corporations must today be understood as international lawmakers whose agreements with states yield major consequences for domestic public law."

"What makes foreign direct investment treaties unique is that unlike other international treaties, when it comes to systems of arbitration, there's no requirement to exhaust reasonably available local remedies," Professor van Harten said.

To see the full list of presenters and read the presentations from today's conference, please see: http://www.ecuador.org/blog/?p=3596.

Materials disseminated by Ketchum Inc. on behalf of the Embassy of the Republic of Ecuador. Additional information regarding the dissemination of these materials can be obtained at the Department of Justice, Washington, District of Columbia.

Contact: Embassy of Ecuador, Gustavo Dominguez, 202-234-7200, [email protected]

SOURCE Embassy of the Republic of Ecuador

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.