Ecuador FTA Update
The negotiations with the US on an FTA have not yet been concluded, due to several issues yet to be resolved. The government of Ecuador has been continuing to a positive spin on the situation, claiming there was a possibility of closure during the next potential round in mid-May. Now it appears the USTR has lost their appetite for continued negotiation. Earlier this month, the Ecuadorian Legislature passed a new hydrocarbons law which, recognizing the huge surge in profits of the oil companies demanded an increase in the percentage of revenue that will go to Ecuador from the oil companies operating there. Obviously disturbed by this situation, the US has called off negotiations for the foreseeable future.