by Jennifer Van Laar | June 3, 2015 3:09 pm
For years people have said that the Trans Pacific Partnership deal wasn’t really about trade – and now Wikileaks has published a video showing that only five pages of the deal are about trade.
The TPP Investment Chapter, published today, is dated 20 January 2015. The document is classified and supposed to be kept secret for four years after the entry into force of the TPP agreement or, if no agreement is reached, for four years from the close of the negotiations.
Julian Assange, WikiLeaks editor said: “The TPP has developed in secret an unaccountable supranational court for multinationals to sue states. This system is a challenge to parliamentary and judicial sovereignty. Similar tribunals have already been shown to chill the adoption of sane environmental protection, public health and public transport policies.”
The Investment Chapter highlights the intent of the TPP negotiating parties, led by the United States, to increase the power of global corporations by creating a supra-national court, or tribunal, where foreign firms can “sue” states and obtain taxpayer compensation for “expected future profits”. These investor-state dispute settlement (ISDS) tribunals are designed to overrule the national court systems. ISDS tribunals introduce a mechanism by which multinational corporations can force governments to pay compensation if the tribunal states that a country’s laws or policies affect the company’s claimed future profits. In return, states hope that multinationals will invest more.
The TPP negotiations have been ongoing in secrecy for five years and are now in their final stages. In the United States the Obama administration plans to “fast-track” the treaty through Congress without the ability of elected officials to discuss or vote on individual measures. This has met growing opposition as a result of increased public scrutiny following WikiLeaks’ earlier releases of documents from the negotiations.
All these agreements on so-called “free trade” are negotiated outside the World Trade Organization’s (WTO) framework. Conspicuously absent from the countries involved in these agreements are the BRICs countries of Brazil, Russia, India and China.
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