TTP

Corporations will soon be able to wield significant control over states in the US, leaked document have revealed.

The recently leaked chapter from the US-led Trans-Pacific Partnership Free Trade Agreement (TPP) will enable companies to sidestep national jurisdiction and sue the countries they are operating in via private courts.

The report, published over Wikileaks site found that various mechanisms will let firms involved in transnational corporation investment to sue the states they operate in without the involvement of national courts.

A report by teleSUR revealed that the leaked chapter, which was completed on January 20, was verified by the Public Citizen organization that was present during secret negotiations in March.

Furthermore, the document claimed that if a foreign firm feels that a new law passed by a state impacts its rights under the TPP agreement, it could challenge the country’s decision in the private arbitration system, the investor-state dispute settlement (ISDS).

Ana Romero of the Peruvian non-governmental organization RedGE said in an interview with teleSUR: “In spite of the fact that there are already similar mechanisms in the free trade agreement with the US, what is happening needs to be revised because the attraction of investors should not reinforce or expand those mechanisms that have been generation problems to the State and interfering with the national sovereignty.”

Under the agreement, corporations would also be protected from a large number of financial laws that could hamper their financial interests.

This new directive would effectively grant almost unlimited additional power to corporations.

Effectively, it would give large firms an extraordinary level control over political decisions in the countries concerned.

Akashic Times is the UK’s only online, fully independent not-for-profit newspaper that brings you real news from across the globe.

If you want to keep ahead of what is really going on in the world, subscribe to our newspaper via the subscribe button and join our Facebook & Twitter pages. Subscription is completely free ofcourse

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

(Spamcheck Enabled)