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

 

Professor Ian Shirley: The Budget That Failed Auckland

The 2016 budget offered Auckland nothing in the way of vision or hope and it continued the National Government’s threats against the Auckland Council. Threatening the Council with over-riding its democratic processes if it fails to release land for housing is a bullying tactic aimed at diverting attention away from the fundamental problems with housing in the region. More>>

ALSO:

PM's Post Cab Presser: Budgets, Trusts And Pacific Diplomacy

Today Prime Minister John Key summarised last week’s budget and provided further detail about his upcoming trip to Fiji. He said that there has been “plenty going on” in the last couple of weeks and emphasised the need for Auckland council to facilitate more housing supply. More>>

ALSO:

Max Rashbrooke: A Failure Of Measurement: Inside The Budget Lock-Up

Shortly after the embargo lifted at 2pm news organisations started filing reports claiming that health, and to a lesser extent housing and education, were the ‘big winners’ out of the Budget. It failed to take into account the fact that in most cases the apparent increases were in fact cuts. Because of the twin effects of inflation and population. More>>

ALSO:

DOCtored Figures: Minister Clarifies DOC Budget

“Commentators have overlooked the fact $20.7m of that perceived shortfall is new funding for Battle for our Birds 2016, provided for in last week’s Budget...” DOC also has approval in principle to carry over a further $20m to 16/17 due to unexpected delays in a number of projects. More>>

ALSO:

For The Birds: Gordon Campbell On The Budget

Budgies, so their Wikipedia page says, are popular pets around the world due to their small size, low cost, and ability to mimic human speech. Which is a reasonably good description of Finance Minister Bill English eighth Budget. . More>>

Max Rashbrooke On The 2016 Budget

The best label for this year’s announcement by Bill English might be the ‘Bare Minimum Budget’. It does the bare minimum to defuse potential political damage in a range of areas – homelessness and health are prime among them – but almost nothing to address the country’s most deep-rooted, systemic social problems. Indeed the Budget hints that these problems may get worse. More>>

ALSO:

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news