Jurisdiction — Fork-in-the-road provision — Claim in domestic courts — Where cause of action in domestic court different from treaty claim — Whether dispute treaty-based

Jurisdiction — Taxation measures generally excluded from BIT protection — Whether non-reimbursement of VAT matter of taxation — Whether exclusion only applying to matters of direct taxation — Whether participation contract an investment agreement — Where contract rights not directly invoked before Tribunal — Whether tax matter associated with an investment agreement excluded

Jurisdiction — Admissibility — Expropriation — Whether claim to a VAT refund an investment — Whether deprivation of use or reasonably expected economic benefit of investment — Whether prima facie case of expropriation

Treaties — Ecuador–USA Bilateral Investment Treaty, 1993 — National treatment — VAT refunds for exporters — Whether comparison should be made between sectors of activity or exporters generally — Whether most-favoured-nation treatment obligations also breached

Treaties — Ecuador–USA Bilateral Investment Treaty, 1993 — Fair and equitable treatment — Stability of legal and business framework — Where framework changed without clarity about its effect — Standard of stability and predictability under international law — Whether breach of full protection and security

Remedies — Compensation — Entitlement to compensation for claim not made on grounds of futility — Interest