On 16 July 2021, Ecuador’s new President, Guillermo Lasso, signed Executive Order No. 122* to officially ratify the ICSID Convention and restore the membership it terminated over ten years ago.
This followed a ruling** by Ecuador’s Constitutional Court that determined that approval from Ecuador’s National Assembly was not a prerequisite to ratification.
Ecuador is expected to deposit the decree with the ICSID General Secretariat this week. The Convention will enter into force 30 days later.
The timing of Ecuador’s re-accession to the ICSID Convention is unusual.