The UN Conference on Trade and Development new research shows that increased market power of global corporations is driving global income inequality. It recommends a review of existing regulation and trade agreements to develop “measures to curb abusive business practices.”
Crossbenchers are ramping up pressure on Labor at the 11th hour to reject the
Trans-Pacific Partnership free trade agreement, drafting amendments that
would force opposition senators to vote against the party’s policy.
“AFTINET will present evidence today to a Senate inquiry that the TPP-11 increases corporate rights at the expense of people’s rights and the environment and should not be implemented,” AFTINET Convener Dr Patricia Ranald said today.
The ISDS system impedes on national sovereignty to the benefit of corporations, yet places no obligations on investors to behave responsibly, creating an asymmetric system that gives multinationals the same rights as sovereign states.
With the growing concern over the traditional ISDS system, it is highly unlikely that the AfCFTA will include an ISDS mechanism giving investors access to go to international arbitration under conventional international tribunals.