Corporate Sovereignty Provisions Of TPP Agreement Leaked Via Wikileaks: Would Massively Undermine Government Sovereignty

For years now, we’ve been warning about the problematic “ISDS” — “investor state dispute settlement” mechanisms that are a large part of the big trade agreements that countries have been negotiating. As we’ve noted, the ISDS name is designed to be boring, in an effort to hide the true impact — but the reality is that these provisions provide corporate sovereignty, elevating the power of corporations to put them above the power of local governments. If you thought “corporate personhood” was a problem, corporate sovereignty takes things to a whole new level — letting companies take foreign governments to special private “tribunals” if they think that regulations passed in those countries are somehow unfair. Existing corporate sovereignty provisions have led to things like Big Tobacco threatening to sue small countries for considering anti-smoking legislation and pharma giant Eli Lilly demanding $500 million from Canada, because Canada dared to reject some of its patents noting (correctly) that the drugs didn’t appear to be any improvement over existing drugs.

Link (Techdirt)

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