Ecuador won't renew U.S. deal

Ecuador's new leftist president has decided not to renew a bilateral investment treaty with the United States, the country's foreign minister said.

Ecuador won't renew U.S. deal
Ecuador's new leftist president has decided not to renew a bilateral investment treaty with the United States, the country's foreign minister said, just days before a senior U.S. official is due to visit.

Maria Fernanda Espinosa said President Rafael Correa, a U.S.-trained economist, will not renew the agreement that expires this week, but is "totally open" to discussing "an alternative that mutually guarantees the investments of each country."

The announcement came less than a week before U.S. Deputy Secretary of State John Negroponte is scheduled to visit the country .

The treaty, signed in 1993, is meant to encourage and protect investments.

Michael Greenwald, a U.S. embassy spokesman in Quito, said Ambassador Linda Jewell has not yet commented on Correa's decision.

Espinosa said Sunday the treaty "has really caused many problems for our country" and "does not respect national interests," although she did not elaborate.
Last Mod: 09 Mayıs 2007, 16:32
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