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

 

NZ Joins the Trend for Countries to Say No to ISDS

NZ Joins the Trend for Countries to Say No to ISDS, Must Hold Firm in the TPPA


By Jane Kelsey


‘Yesterday’s announcement that the new government has heeded widespread concerns and taken investor-state dispute settlement (ISDS) off the table in future trade and investment negotiations is a major step forward’, says University of Auckland law professor Jane Kelsey.

‘New Zealand joins a growing number of countries who have rejected the controversial process whereby foreign investors can enforce special protections against governments in private offshore tribunals and claim huge compensation for new regulations or even court decisions that significantly affect their commercial interests’.

‘The Prime Minister’s stronger language regarding the exclusion of ISDS from the Trans-Pacific Partnership Agreement is also welcome, but leaves too much wriggle-room to claim it has failed to convince others, and proceed with the original deal’, Professor Kelsey warns.

Both Viet Nam and Canada are known to want changes to the investment enforcement rules in the TPPA. There are plenty of precedents and mechanisms available.

The government would also have strong support from the legal community. In 2012 more than a hundred jurists, including senior retired judges from Australia and New Zealand, signed an open letter calling for ISDS to be excluded from the TPPA. (https://tpplegal.wordpress.com/open-letter/)

The main rationale for leaving the TPPA intact has been to make it easy for the US to re-join.

While no one currently thinks that likely, Professor Kelsey points to a deeper irony: ‘if the current US administration did re-engage with TPPA, it would require the ability to exempt itself from ISDS!’

‘In the current renegotiation of NAFTA, the US has proposed that each party should be able to opt out of ISDS altogether. The US Trade Representative Robert Lighthizer told US corporations they should act like all other business and take out risk insurance to protect their commercial interests.’

Professor Kelsey called on the new government to stand firm in excluding ISDS from the Agreement, but points out there are many other aspects that remain problematic, including Labour’s own recognition before the election that the economics of the TPPA did not stack up, and that a broader review of the costs and benefits of the TPPA was necessary.


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Populism’s Changing Of The Guard, Plus A Soul Music Playlist

The weekend’s Newshub/Reid Research poll results - Act up to 11.1%, National up 1% but still sitting at only 28.7%, Labour down to 43%, the Greens up to 8.5% - shows that the combined centre right vote is still languishing nearly 12 points behind the combined centre-left vote, 45 months after the last centre-right government was voted out... More>>



 
 


Finance: Finance Minister And RBNZ Governor Agree To Update MOU On Macro-prudential Policy

Finance Minister Grant Robertson and Reserve Bank Governor Adrian Orr have updated the Memorandum of Understanding (MoU) on macro-prudential policy to further protect the financial system and support the Government’s housing objectives... More>>

Government: Offers Formal Apology For Dawn Raids
Prime Minister Jacinda Ardern has today formally apologised to Pacific communities impacted by the Dawn Raids in the 1970s.

Between 1974 and 1976, a series of rigorous immigration policies were carried out that resulted in targeted raids on the homes of Pacific families... More>>


Government: Bill Introduced To Protect Against Conversion Practices

Legislation has been introduced to Parliament to protect against practices intended to change or suppress someone’s sexual orientation, gender identity, or gender expression... More>>

ALSO:




Human Rights Commission: Successive Governments Responsible For Massive Breaches Of The Right To A Decent Home

Te Kahu Tika Tangata / Human Rights Commission has today launched Framework Guidelines on the Right to a Decent Home in Aotearoa and announced that it will hold a national inquiry into housing... More>>



NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels