NOVANEWS
http://www.nytimes.com/2015/
An ambitious 12-nation trade accord pushed by President Obama would allow foreign corporations to sue the United States government for actions that undermine their investment “expectations” and hurt their business, according to a classified document. The Trans-Pacific Partnership – a cornerstone of Mr. Obama’s remaining economic agenda – would grant broad powers to multinational companies operating in North America, South America and Asia. Under the accord … companies and investors would be empowered to challenge regulations, rules, government actions and court rulings … before tribunals organized under the World Bank or the United Nations. The chapter in the draft of the trade deal, dated Jan. 20, 2015, [was] obtained by The New York Times in collaboration with the group WikiLeaks. [Its] cover mandates that the chapter not be declassified until four years after the Trans-Pacific Partnership comes into force or trade negotiations end, should the agreement fail. Under the terms of … chapter, foreign investors could demand cash compensation if member nations “expropriate or nationalize a covered investment either directly or indirectly.” Opponents fear “indirect expropriation” will be interpreted broadly, especially by deep-pocketed multinational companies opposing regulatory or legal changes that diminish the value of their investments. In 2013, Eli Lilly took advantage of a similar provision under Nafta to sue Canada for $500 million, accusing Ottawa of violating its obligations to foreign investors by allowing its courts to invalidate patents for two of its drugs.
