ISDS allows foreign investors to sue our Government
Investor-State Dispute Settlement
June 25, 2020, Media Release: “An open letter endorsed by 630 international and national civil society organisations has been sent to Trade Minister Birmingham, warning him that Australia could face a wave of cases from global corporations claiming millions in compensation for actions taken to respond to the pandemic. Corporations can do this using rules in trade deals known as investor-state dispute settlement, or ISDS,” AFTINET Convener Dr Patricia Ranald said today.
June 11, 2020: The World Trade Organisation appellate body decision against several countries that challenged Australia’s plain packaging law is the final victory in a ten-year battle against tobacco companies’ use of trade and investment law against public health.
May 7, 2020: Economist Professor Jeffrey Sachs and six other global figures have called for an immediate moratorium on all Investor-State Dispute Settlement claims and a permanent restriction on all such claims related to government action to contain the COVID-19 pandemic.
May 4, 2020: The India Economic Times reports that 15 countries still trying to finalise the proposed Regional Comprehensive Economic Partnership have made an offer to India on market access, and asked it to respond by May 15.
April 23.2020 Dr Patricia Ranald’s article in The Conversation shows how legal firm are already advising global companies on how to use clauses in trade agreements which allow them to claim millions in compensation for government regulation during the pandemic which may harm their profits.
More generally, she argues that the realities of the pandemic have forced governments to act in ways which show the flaws in the current trade deals that are negotiated in secret.
April 16, 2020: The Energy Charter Treaty (ECT) is the fossil fuel industry's powerful secret weapon. It is now on the brink of a massive expansion into Africa, Asia and Latin America, threatening to bind yet more countries to corporate-friendly energy policies.
February 10, 2020: British American Tobacco’s submission to the Dutch government in response to its plans to introduce new plain packaging legislation for cigarettes has included a veiled threat of arbitration under international trade law.