Category: Ecuador 🇪🇨

Ecuador’s Public Prosecutor’s Office to file bribery charges in Sinohydro case after four-year investigation

The Ecuadorian Attorney General’s Office will finalize the investigation of the so-called INA Papers. After almost four years of investigation, the entity has renamed the process the Sinohydro case. The investigation focuses on a criminal structure that allegedly collected $76 million in bribes to the Chinese company Sinohydro, responsible for the construction of the Coca Codo Sinclair hydroelectric power plant during the government of Rafael Correa.

China, a giant that threatens Ecuador’s tuna supply

While Ecuador continues to be the European Union’s main supplier of tuna loins, China is fast closing in to take over the top spot. Despite the absence of any trade agreement, the European bloc is increasingly shifting its purchases to the Asian country. Ecuador’s share of the tuna market has fallen from 32% to 26%, while China’s grew rapidly from 9% to 24%, between 2015 and 2022.

After extensive negotiations, the FTA between Ecuador and the People’s Republic of China is almost concluded. 

The president of Ecuador, Guillermo Lasso proclamed the trade agreement with China is concluded. He argueshat the country’s industrial sectors under consideration included a guarantee of employment in the manufacturing industry.

Corruption scandals involving Chinese oil companies and Ecuador

Nilsen Arias, former international trade manager of Petroecuador, is currently facing legal proceedings in the United States due to a series of corruption and money laundering scandals involving the Chinese company Petrochina.

Chinese mining consortium enters into $480 million dispute against Ecuadorian government

In 2018, shortly after production began at the Rio Blanco mine owned by Ecuagoldmining, activists demanded the right to be consulted on continued operations. They subsequently obtained a court order to halt operations.

Ecuador succeeds in restructuring its debt with the People’s Republic of China

Ecuador reached an agreement with Chinese banks to provide about $1.4 billion in debt relief through 2025.

The latest on InaPapers

The ongoing investigation by the Ecuadorian authorities has led to the raid of the offices of Coca Codo Sinclair, a hydroelectric plant built in Ecuador. The construction of this plant involved Sinohydro, a Chinese state-owned company.

Economic ties between Ecuador and China

China is now Ecuador’s largest trading partner. This year, Ecuador’s exports of non-oil or mining products to the People’s Republic of China (PRC) increased by 81%.

Ecuadorian banana exports to China grow stronger

According to the Ecuadorian Association of Banana Exporters (AEBE), the figures for banana exports to the Asian country in the first half of 2022 are encouraging, with a growth rate of 25.24% consolidating China as the main destination in the region.

Bilateral relations between China and Ecuador

This year officially marked the beginning of negotiations between Ecuador and China with a view to signing an FTA. The most recent meeting have involved different roundtables which have worked on different issues.
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