Ecuador ratified its admission to ICSID and will be an official member from September 3

The country became the 156th State to ratify this convention.

This Wednesday, August 4, Ecuador certified its return to ICSID and will become the 156th member to be part of this agreement. The country, through its Ambassador to the United States, Ivonne Baki, had already signed this agreement on June 21 and, on July 16, the President of the Republic, Guillermo Lasso, ratified all its content.

With this, the country deposited its instrument of ratification of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, with the World Bank.

According to Article 68 (2) of the ICSID Convention, it will enter into force with respect to Ecuador on September 3, 2021.

In this context, the Center indicated that, as the Contracting State to the convention, Ecuador will participate in the governance of ICSID through its representation in ICSID’s governing body, the Administrative Council.

“Each ICSID member state has one representative – and one vote – on the Administrative Council. Their responsibilities include adopting the procedural rules applicable to ICSID cases, and electing the Secretary General and Deputy Secretaries General of ICSID. ICSID member states also have the right to appoint arbitrators and conciliators to appear on ICSID lists, ”the statement said.

President Lasso announced that Ecuador’s return to ICSID is one of the most important achievements of his government. “In less than 70 days of government we are at ICSID, to attract foreign investment,” he said.