The International Centre for Settlement of Investment Disputes (ICSID) ruled in favour of Peru in a decade-long dispute with gold dealer Kaloti Metals & Logistics, LLC.
Several non-European Union states are keen on finalising bilateral investment treaties with India to boost the potential for investments and to address concerns of investors on matters such as dispute resolution.
Foreign investors wanting to protect their gains under the controversial new law could hold the country to ransom by threatening a dispute. As a result, they would constrain New Zealand’s democratic ability to exercise its sovereignty, and to protect te Tiriti rights.
Companies have long used international treaties to try to prevent Global South countries from asserting economic sovereignty. In recent decades, corporations have used such laws to stymie European governments’ attempts to tackle the climate crisis.
For half a century, the ISDS system has allowed multinational corporations to run off with billions of taxpayers dollars while allowing them to undermine environmental standards, public health protections, financial regulations, and other sound policies throughout the world.
A free-trade agreement between Peru and China, which has been in effect since 2009, protects investments and has allowed increased trade between the countries.
The European Parliament voted today largely in favour of the Commission’s proposal for the European Union to withdraw from the Energy Charter Treaty, a landmark move that campaigners across Europe have been demanding for years.