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Qargentina Last Month Ratified a New LATIN AMERICA ADVISOR A DAILY PUBLICATION OF THE DIALOGUE www.thedialogue.org Monday, October 26, 2020 BOARD OF ADVISORS FEATURED Q&A TODAY’S NEWS Diego Arria Director, Columbus Group POLITICAL Devry Boughner Vorwerk Would the Escazú Chileans Vote CEO, DevryBV Sustainable Strategies Overwhelmingly Joyce Chang Global Head of Research, Agreement Improve to Rewrite JPMorgan Chase & Co. Constitution Paula Cifuentes Director of Economic & Fiscal Affairs, the Environment? In Sunday’s referendum, more Latin America & Canada, than 78 percent voted to rewrite Philip Morris International the country’s dictatorship-era Marlene Fernández constitution. They also voted Corporate Vice President for overwhelmingly for it to be written Government Relations, Arcos Dorados (McDonald’s) by a newly elected body. Page 2 Peter Hakim President Emeritus, Inter-American Dialogue BUSINESS Donna Hrinak Senior VP, Corporate Affairs, Royal Caribbean Group Julius Baer to Jon E. Huenemann Withhold Bonuses Former Corporate and Government Senior Executive Following Scandal Argentina last month ratified the so-called Escazú Agreement. Martín García Moritán, Argen- James R. Jones Julius Baer plans to hold back tina’s then-ambassador to the United Nations, is pictured signing the accord in 2018. // File Chairman, Photo: Argentine Foreign Ministry. millions of francs in bonuses from Monarch Global Strategies two former executives following Craig A. Kelly Argentina last month ratified a new regional environmental a money-laundering scandal in Senior Director, Americas South America. Int’l Gov’t Relations, Exxon Mobil treaty, the so-called Escazú Agreement, which now needs Page 3 John Maisto just one more country in Latin America and the Caribbean to Director, U.S. Education Finance Group Q ratify it in order for it to come into force. What is the Escazú POLITICAL Nicolás Mariscal Agreement, and what are its most important and innovative elements? Chairman, Venezuela’s López Grupo Marhnos What would enactment of the treaty mean in practice, and what impli- Thomas F. McLarty III cations would it have for businesses operating in the region? What has Flees to Spain Chairman, After Years of McLarty Associates held back countries’ ratification of the environmental pact, and is it Beatrice Rangel likely to come into effect soon? Confinement Director, Venezuelan opposition leader AMLA Consulting LLC Leopoldo López, who has been Leila Salazar-López, executive director of Amazon Watch: Jaana Remes in confinement for six years, fled Partner, McKinsey Global Institute “The proposed Regional Agreement on Access to Information, Venezuela and was reunited with Ernesto Revilla Public Participation and Justice in Environmental Matters in his family in Spain. Head of Latin American Latin America and the Caribbean, also known as the Escazú Page 2 Economics, Citi A Gustavo Roosen Agreement, is a historic regional environmental treaty. Its purpose is to Chairman of the Board, set new standards for protection of the environment and human rights in Envases Venezolanos Andrés Rozental the region. If ratified, it would be the first international treaty to include President, Rozental & specific measures for the protection of environmental rights defenders, Asociados a provision that is particularly important for Indigenous peoples across Shelly Shetty Managing Director, Sovereigns the Amazon who are increasingly under threat for defending their rights, Fitch Ratings lives and lands. Of the 23 countries that have signed the agreement over the last few years, 10 have ratified it: Antigua and Barbuda, Argentina, Bolivia, Ecuador, Guyana, Nicaragua, Panama, Saint Kitts and Nevis, Saint Vincent and the Grenadines, and Uruguay. It requires one more country to ratify it to enter into force. While the closing period for signatures on the agreement closed at the end of September, there is still hope for the pe- López was reunited with his family. // Photo: Facebook site of López. Continued on page 3 COPYRIGHT © 2020, INTER-AMERICAN DIALOGUE PAGE 1 LATIN AMERICA ADVISOR Monday, October 26, 2020 POLITICAL NEWS NEWS BRIEFS Venezuela’s López Chileans Vote to Flees to Spain After Brazil’s Health Regulator Authorizes Import of Rewrite Constitution, Years in Confinement Sinovac’s Potential Vaccine 78 Percent in Favor After years in confinement, Venezuelan opposi- Brazilian health regulator Anvisa said on Friday tion leader Leopoldo López has fled the country that it had authorized São Paulo’s Butantan In- In Sunday’s referendum, Chileans overwhelm- and arrived Spain, The New York Times report- stitute, a biologic research center, to import six ingly voted to rewrite their country’s consti- ed Sunday. López, 49, had spent the last six million doses of a Covid-19 vaccine candidate tution, with 78.3 percent saying the country years confined to jail, house arrest and, since that China’s Sinovac is developing, Reuters needs a new charter to replace the current he helped to lead a failed uprising against reported. CoronaVac, the potential vaccine, is one, which was put in place four decades ago Venezuela’s government in April 2019, in the still in phase 3 clinical trials in Brazil. Anvisa during the dictatorship of Augusto Pinochet, El Spanish ambassador’s residence in Caracas. said it has not yet been registered for wider Mercurio reported. At the same time, 79 per- López arrived Sunday in Madrid, where he was use. Brazilian President Jair Bolsonaro has cent voted to reform the constitution through reunited with family members, the Associated opposed the import of the potential vaccine, a convention of 155 elected members, half of Press reported. Two people close to López saying China did not have the credibility to which will be women, rather than a convention told the wire service he fled Venezuela by sea develop a vaccine for the virus, Bloomberg that is half elected and half made up by mem- on Friday, arriving first in Aruba. The sources News reported. bers of Congress. The vote to elect the mem- spoke on condition of anonymity because bers of the convention is expected on April 11, they were not authorized to discuss López’s and the new constitution is to be put to a vote escape, which reportedly came after months Colombian Vice President in an plebiscite in 2022. In Santiago, thousands of planning. López’s aides said his escape was of people gathered to sing and wave flags in not the result of negotiations with Venezuelan Ramírez Tests Positive celebration of the vote. “This is historic,” Roger President Nicolás Maduro’s government, the for Novel Coronavirus Figueroa, 32, told The Wall Street Journal. “This AP reported. Venezuela’s SEBIN intelligence Colombian Vice President Marta Lucía Ramírez isn’t only a benefit for us, but for our children, agency has detained several people at Spain’s announced Friday that she had tested positive grandchildren and the generations to come.” diplomatic mission in Caracas, including pri- for the novel coronavirus. Ramírez, 66, took a Some Chileans have opposed a constitutional vate security guards and a woman who served test the previous day before a conference with rewrite, saying the current charter has been a meals to López. On Saturday, SEBIN attempted provincial governors, her office said in a state- foundation for the country’s economic progress to search the homes of Spanish National Police ment, which also said she had no symptoms through providing strong protections for private officers assigned to the Spanish diplomatic and “is in good health.” President Iván Duque property and enshrining the autonomy of the compound in Caracas, and Spain’s government was also tested for Covid-19 on Thursday, and central bank. However, others say the current condemned that move, saying it violated the the result was negative, his office said. constitution has hampered social reforms and Vienna convention that governs diplomatic is illegitimate because of its origins during the relations between countries. On Sunday, Pinochet dictatorship. Venezuela’s government criticized Spain saying it assisted the escape of López, whom it called Brazil’s Bank Lending CORRECTION a “terrorist.” On Saturday night, López said Grows 2.1% in September leaving Venezuela was not “simple.” He added, An article in Friday’s Advisor misidentified Brazil’s level of bank lending grew 2.1 percent “We’ll continue working day and night to attain the Argentine bondholder groups that in September as compared to August, driven the freedom that we Venezuelans all deserve.” criticized the country’s government over by corporate loans, Reuters reported Friday. His Popular Will party added, “After seven years its economic plans. The statement came Corporate loans grew 3.1 percent, while loans of persecution and unjust imprisonment inside from the Exchange Bondholder Group and to individuals increased 1.4 percent, according Venezuela, Leopoldo López is still not totally the Argentina Creditor Committee. A third to the Brazilian banking association, Febraban. free, like all Venezuelans, so long as there group, the Ad Hoc Argentine Bondholder In the 12-month period ending in September, exists a dictatorship that violates the human Group, did not sign the statement. The Brazil’s bank lending grew 13.3 percent, up rights of the people.” In 2015, López was sen- “Ad Hoc Group of Argentina Exchange 1.2 percent from the 12-month period through tenced to nearly 14 years in prison after being Bondholders,” which was mentioned in the August, Febraban said. Government loan convicted of inciting violence during deadly article, does not exist. programs to help small companies weather the anti-government protests. economic downturn are fueling growth, it said. COPYRIGHT © 2020, INTER-AMERICAN DIALOGUE PAGE 2 LATIN AMERICA ADVISOR Monday, October 26, 2020 BUSINESS NEWS FEATURED Q&A / Continued from page 1 riod to be extended. Although the Peruvian law and the international treaties Colombia Julius Baer Holding government signed the Escazú Agreement, has signed, including the protection of busi- Back Bonuses After the ratification process was shelved earlier ness information, private investment and last week by the Foreign Relations Com- trade secrets, as well as patents.
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