Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


TISA trade talks will lock NZ into finance rules behind GFC

20 June 2014

Wikileaks: Secret TISA trade talks will lock NZ into finance rules behind the GFC

‘While our eyes have been focused on the Trans-Pacific Partnership Agreement (TPPA), the New Zealand government has been negotiating an equally secretive deal with 22 other, largely rich parties, with the EU representing 28 member states’, said Auckland University law professor Jane Kelsey.

Today, Wikileaks posted the first major leak from the Trade in Services Agreement (TISA) negotiations, which were launched in the shadows of the World Trade Organization (WTO) several years ago.

The leaked document and Professor Kelsey’s analysis are at wikileaks.org/tisa-financial

TISA aims to bypass resistance in the WTO to a radical extension of the General Agreement on Trade in Services (GATS), an agreement that ties countries to a neoliberal regime for services. The next round of TISA negotiations starts in Geneva next week.

‘The leaked chapter on financial services shows the US and EU are driving the TISA process. It was their lax rules that allowed the Global Financial Crisis to happen. Now they are using TISA to extend those rules even further, at the bidding of their finance industry’, said Professor Kelsey.

‘Worse, they want to impose a standstill on new regulation. That means the parties to TISA would have to bind their current hands-off approach to financial regulation, so they can’t tighten it in the future.’

‘That is both scary and reckless for a country like New Zealand, which is positioned at the extremes of the so-called “risk-tolerant approach” to financial regulation’, Professor Kelsey warned.

The US and EU, which are the main promoters of the leaked text, have repeatedly blocked moves to debate how the WTO’s rules contributed to the GFC and possible reforms.

Professor Kelsey observed that the IMF’s researchers have repeatedly criticised affluent countries at the centre of the latest crisis for failing to lean from the crisis, and that they remain in a ‘state of denial.’

‘These governments propose to lock the world into a system of financial rules that have failed, and set the scene for future financial crises. But they want to protect themselves from accountability for what they have done’.

The cover sheet of the leaked text shows an unprecedented level of secrecy surrounding TISA. Background documents cannot be released for five years after the Agreement comes into force. The super-secret TPPA protects the documents for four years.

The US seems likely to be pushing similar rules through the financial services chapter of the TPPA. If so, the TPPA’s investment chapter would provide a platform for the finance industry to use the power of investors to sue a New Zealand government that sought to tighten the finance rules.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

More Evidence - Scoop Press Conference Recordings:
PM's Post-Cab Presser 8/8/11
"at that point [Tucker] told me he'd release it ..."

Hager Revelations: Inquiry Into NZSIS Release Of Goff Docs

The Inspector-General of Intelligence and Security (IGIS), Cheryl Gwyn, announced she would be instituting an inquiry concerning allegations that the New Zealand Security Intelligence Service (NZSIS) might have released official information to Mr Cameron Slater, regarding briefings provided to the then Leader of the Opposition, for political purposes...

“I am satisfied there is a sufficient public interest justifying the commencement of an own-motion inquiry into the substance of the issues raised with my Office,” said Ms Gwyn. More>>

Goff: Director’s Letter Contradicts Key’s Claims

At yesterday’s media standup, when asked on the topic John Key said ‘I wasn’t told’...
“In a letter dated November 2011 former SIS director Warren Tucker states three times that ‘in accordance with the usual practice of keeping the minister informed’ the Prime Minister had been told. More>>


 

Parliament Today:

Schools, PPTA Sign Up: Primary Teachers And Principals Vote Down Govt Plan

Teachers and principals have voted overwhelmingly against the Government’s controversial “Investing in Educational Success” policy, including proposed highly-paid principal and teacher roles. More>>

ALSO:

Gordon Campbell: On The Usual Round Of Mud Slinging And Name-Calling

This week gave an interesting example of how hard it is to untangle the reality from the slanging matches. The issue that emerged early this week could hardly be more important. Does the government intend to cut spending in health, education and on the environment if re-elected, or not? More>>

Earlier:

Electionresults.co.nz: National and NZ First Rise in Roy Morgan Poll

National has bounced back in the latest Roy Morgan Poll but the big winner has been New Zealand First who rise to their highest level of support since September 2013. More>>

ALSO:

Fish Pun Warning: By Hoki! It’s Labour’s Fisheries Policy

A Labour Government will protect the iconic Kiwi tradition of fishing by improving access to the coast, protecting the rights of recreational fishers and reviewing snapper restrictions, Labour’s Fisheries spokesperson Damien O’Connor says. More>>

ALSO:

It's Official: Governor General Gives Direction To Conduct Election

The Governor General has signed the writ directing the Electoral Commission to conduct the General Election on 20 September 2014. This is the formal authority to run the 2014 election, and enables candidate nominations to open tomorrow Thursday 21 August 2014. More>>

Gordon Campbell: No More Mr Nice Guy

When future historians seek to identify the exact moment when the prime ministerial career of John Key hit the downward slope, they may well point to Key’s interview yesterday with Guyon Espiner on RNZ’s Morning Report. More>>

ALSO:

Dirty (Politics) Weekend: Collins’ Admission Reason For Key To Act

"Despite claiming that the evidence about her in Nicky Hager's book was ‘false’ Judith Collins has now been forced to admit that she did send information about a Ministerial Services staff member to Cameron Slater for him to use in a baseless smear campaign. More>>

ALSO:

Potential Disasters: Underground Coal Fire On Denniston Plateau

Forest & Bird says one or more coal fires have broken out beneath the Denniston Plateau, and that the Department of Conservation (DOC) must stop Bathurst Resources’ preparatory mining work going on there until the fire or fires are extinguished. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news