Webinar: Changes needed in post-pandemic trade policy, June 23, 2-3.30 pm, EST
The realities of the pandemic have forced the Australian and other governments to act in ways which expose flaws in current trade rules. These flaws include dependency on global production chains, lack of local manufacturing capacity, deregulating and opening up essential services to private foreign investment and strengthening monopolies on medicines, which delay access to cheaper versions of those medicines. The Australian government has directed private hospitals to treat pandemic patients, assisted local firms to produce facemasks and ventilators and reintroduced screening of foreign investment to prevent predatory takeovers as prices fall.
Legal firms are already advising global companies on how to use ISDS clauses in trade agreements that could allow them to claim millions in compensation for government regulation during the pandemic which may harm their profits. See article in The Conversation.
Experts will discuss the flaws in current trade policy and how they can be addressed in post-pandemic policies, followed by Q and A. The discussion can also inform submissions to the Parliamentary Inquiry into post-pandemic trade policy.