Why People of Ecuador Were Right to Keep the Corporate Courts Out

Ana Caistor Arendar is the Campaigns Lead at Progressive International.

The people of Ecuador have given a resounding NO to the return of secretive, foreign corporate courts suing the Ecuador ian state for democratic decisions.In a referendum held last week, Ecuador voted to keep its constitutional ban on using international arbitration and investor-state dispute settlement mechanisms to settle disputes between foreign corporations and the state.

Congratulations to Ecuador, who voted No to the primacy of capital over human beings.Ecuador has been on the receiving end of several costly compensation awards by ISDS tribunals in favour of investors. For example, in 2012, a tribunal ordered Ecuador to pay the US oil company Occidental over USD 1.5 billion, one of the largest amounts a state had ever been ordered to pay.

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