By Notice of Arbitration dated 14 March 2003, EnCana Corporation (Encana) commenced these proceedings against the Government of the Republic of Ecuador pursuant to Article XIII(2) of the Canada-Ecuador Agreement for the Promotion and Reciprocal Protection of Investments, concluded on 29 April 1996 (the BIT).1 In its Notice, Encana alleged that Ecuador's action in denying certain value added tax (VAT) relief to certain of its subsidiaries violated provisions of the BIT.2 It sought declarations to that effect as well as consequential relief, including reimbursement of tax credits already denied or which might be denied in future as a result of Ecuador's policy.