“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.
As a National Accountability Bureau inquiry into alleged embezzlement in Reko Diq case remains on hold, various stakeholders made contradictory claims before the Public Accounts Committee about people who could be blamed for any corruption in the deal.
The Columbia Center on Sustainable Investment is hosting a two-day conference on rethinking international investment governance, which seeks to elaborate principles for a progressive investment agenda.
The task no longer lies with interpreting investment treaties alone and trying to reform investment arbitration in general – but designing an entirely cohesive system for international environmental justice that is open to the actual victims of environmental disasters and not just the States that often fail to genuinely represent them.
The move followed a ruling of the Permanent Court of Arbitration that the Russian government must compensate almost two dozen Ukrainian companies for their losses incurred from the illegal annexation of Crimea in 2014.