Scrapping TPP won’t make us worse off
29 November 2016: ABC business editor Ian Verrender writes that the TPP was not really about trade, and rather about the US getting stronger intellectual property rights for its pharmaceutical, communications and entertainment corporations.
He writes that the US wanted to shut out generic manufacturers for longer and to maintain tariffs and quotas for its rural industries. "That is anti-competitive, highly protectionist and certainly does not qualify as free trade,” he says.
Verrender also shares AFTINET’s concerns about ISDS and economists’ concerns that the deal would just add to the complexity of international trade.
"The combined effect of all these measures was to elevate the legal status of multi-national corporations, any of which openly flout their tax obligations, above the rights of citizens in the countries in which they operate,” he writes.
(Note that there are a few inaccuracies: Australia did make concessions on biologic medicines and the version of ISDS in the TPP says future hearings can be open)