On May 8, 2017, The Chairman of the Commission for the Citizen Audit of Reciprocal Protection of Investment Treaties and the International Arbitration System ("CAITISA"), Ms. Cecilia Olivet, presented the final report regarding 27 Bilateral Investment Treaties ("BITs"), to the President and the National Assembly of Ecuador.
During her presentation, Olivet stated that the BITs were not decisive to attract foreign investment, but instead they have generated important costs in international arbitration cases. The CAITISA issued several suggestions to the Ecuadorian Government regarding the negotiation and content of new BITs. During this event, the Executive Branch stressed the failure of the BITs and stated that this report will help Ecuador in the denunciation process of the treaties.
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