April 3, 2018: The European Court of Justice ruled in March that Investor-State Dispute Settlement (ISDS) between two EU member states, which allows corporations to sue governments for damages over changes in domestic law, has an adverse effect on the autonomy of EU law, and is therefore incompatible with EU law.
ISDS allows foreign investors to sue our Government
Investor-State Dispute Settlement
March 19, 2018: Jim Stanford from the Australia Institute writes in The Guardian that Trump’s unilateral and xenophobic approach to trade policy is dangerous and could lead to trade conflict. He argues we need an alternative to both Trump’s unilateralism and to corporate-dominated trade deals like the TPP.
March 5, 2018: The inclusion of investor-state dispute settlement (ISDS) in the rebranded ‘Comprehensive Progressive’ Trans-Pacific Partnership (CPTPP), set for signing on March 8 in Chile, puts Australia’s democracy and sovereignty at risk.
Media release, 24 January 2018: “The rebranded TPP 11 outcome announced today appears to be a mess of separate deals cobbled together to meet issues raised by Canada and others, which Trade Minister Steve Ciobo has described as “18 free trade agreements” for Australia.
22 January 2018: A report published by the Canadian Centre for Policy Alternatives (CCPA) last week has revealed that Canada has paid out nearly $220 million in losses under the NAFTA investor-state dispute settlement mechanism (ISDS), and $95 million in legal fees defending against ISDS claims.
January 19, 2018: A new report by Greenpeace, Justice for People and Planet, uses 20 case studies of global corporations to explain how corporate power is being used to violate human rights and environmental rights. The report argues that governments should adopt 10 Principles for Corporate Accountability to curb ‘corporate capture, collusion and impunity’.
January 9, 2018: A working group of the United Nations Commission on International Trade Law (UNCITRAL) recently held talks to discuss current concerns about the investor-state dispute settlement (ISDS) scheme, and possible reforms. UNICTRAL is one of the two bodies which provides panels of investment law arbitrators for ISDS disputes.
November 6, 2017 “The Australian Government should oppose foreign investor rights to sue governments in the talks attempting to resurrect the TPP without the US later this week,” AFTINET Convener Dr Patricia Ranald said today.
The talks will take place in da Nang, Vietnam on November 8-9, ahead of the APEC meeting to be held on November 10.
3 May 2017: Amendments to the 2003 Singapore-Australia Free Trade Agreement were tabled in Parliament on March 20 and are being reviewed by the Joint Standing Committee on Treaties. The problem with the amendments is that they largely reflect the text of the TPP,Including increases in temporary workers, removal of labour market testing for temporary workers and expansion of state government procurement commitments.
The TPP-11 still includes rights for foreign investors to sue governments for millions of dollars in international tribunals if they can argue that a change in domestic law or policy at national, state or local level will ‘harm’ their investment, known as Investor-State Dispute Settlement (ISDS).