Leading arbitration lawyer says there are critical loopholes in the Trans-Pacific Partnership’s investment chapter that leave Australia wide openWhen the text of the Trans-Pacific Partnership was finally released last Friday morning,many supporters and detractors went straight to one of its most controversial provisions: so-called investor state dispute settlement (ISDS). This provision, opposed by Labor and the Greens in Australia, and gives foreign investors the power to sue the Australian government for introducing legislation that harms their investment.
Andrew Robb,the Australian trade minister, was rapid/fast to defend the agreement from its detractors. He lauded Australia’s efforts to secure meaningful exemptions, or which he said would accomplish it impossible for foreign corporations to sue the Australian government for enacting environmental policy. “It’s a trade agreement which looks at issues relating to trade that can affect public policy in the environmental area … It does provide safeguards,the best safeguards that absorb ever been provided in any agreement in this regard.
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Source: theguardian.com