Three Nigerian presidential aircraft have been seized in France and Switzerland due to a long-standing legal dispute between Zhongshan, a Chinese company, and Ogun State Government over managing an export processing zone.
"Outdated trade rules like ISDS can pose a real threat to states’ sustainable energy initiatives and the good-paying jobs they create," said one lawmaker from Maine
Members of Congress, grassroots activists, and civil society organizations from the US and Latin America urged the United States to use the Americas Partnership for Economic Prosperity (APEP) to undo the damage of decades of corporate-dominated trade policy.
Imagine a scenario where a private company effectively creates and controls its own jurisdiction within a sovereign country. This company introduces its own currency, enacts laws, and establishes courts, prisons, police forces and even intelligence services.
The European Union will withdraw from the Energy Charter Treaty, an international agreement that protects investments in coal and oil. But Switzerland is sticking to the agreement which scientists considered incompatible with climate goals.