Remember the fuss over the Transatlantic Trade and Investment Partnership (TTIP)? No?
Let me tell you a story.
Back when the UK was part of the European Union, there was a move to create a trading partnership with the United States, allowing goods to flow between the two power blocs, practically tax free.
But problems arose over a so-called ‘Investor-State Dispute Settlement’ system that would have allowed corporations to prosecute individual nations if they passed laws that – for example – protected citizens from having to buy inferior goods that put their health at risk.
This would have interfered with the corporations’ profits, you see.
The possibility of entering an agreement that gave ultimate power to greedy shareholders rather than national governments that – at least nominally – exist to protect citizens killed the TTIP stone dead.
Now we have evidence of what a good idea this was:
Countries could soon face a ‘wave’ of multi-million dollar lawsuits from multinational corporations claiming compensation for measures introduced to protect people from COVID-19 and its economic fallout, according to a new report.
Researchers have identified more than twenty corporate law firms offering services to mount such cases, which would seek compensation from states for measures that have negatively impacted company profits – including lost future profits.
Measures that could face legal challenges include the state acquisition of private hospitals; steps introduced to ensure that drugs, tests and vaccines are affordable; and relief on rent, debt and utility payments.
Under controversial ‘Investor-State Dispute Settlement’ (ISDS) mechanisms, foreign investors, companies and shareholders are able to sue states directly at obscure international tribunals over a wide range of government actions… in what the researchers describe as “a parallel justice system for the rich”.
This Writer is not aware of the UK being a part of any ISDS procedure, and it is clear that any agreement to take part in one would be an offence against democracy.
Note very carefully that the UK’s Conservative government was very keen to take us into such an agreement with the United States, as part of the EU.
I can only agree with Labour’s John McDonnell…
Just when you thought the pandemic was bringing out the best in most people, some others crawl out from under their stones to exploit the tragedy. This is why we need to challenge the investor/state dispute settlement procedure in any proposed trade agreements. https://t.co/Iv4godCGE5
— John McDonnell MP (@johnmcdonnellMP) May 19, 2020
… and urge that anyone hearing of such lawsuits taking place here in the UK let me know immediately.
Source: Exclusive: Countries to face a ‘wave’ of corporate lawsuits challenging emergency COVID-19 measures | openDemocracy
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