Extract from “Are the “safeguards” in the TPPA adequate?”

There are hardly any serious, effective or convincing countervailing safeguards in the TPPA if foreign corporations want to sue a government over a purported national treatment or most favoured nation treatment violation; if its investments are interfered with; its expectation of profits affected; or it is required to perform in a particular way; or the repatriation of its profits hindered.

The trend looks set to continue that mainly developing countries will be sued successfully by these corporations for millions and billions of dollars by way of an investment regime that, in the words of a UN Experts group, provide “protection for investors but not for States or for the population. They allow investors to sue States but not vice-versa”. Not only is the situation aggravated, the Experts group says, by the “chilling effect” that intrusive ISDS awards have had, but States have been penalised for adopting regulations to protect the environment, food security, access to generic and essential medicines, reduction of smoking, or raising the minimum wage.

The TPPA appears to have mitigated some of these possibilities, but only marginally, leaving intact the concerns we have repeatedly expressed.

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