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Today's Top News
US Trade Agreement Leak Reveals 'Radical New Powers' for Multinational Corporations
Obama administration agrees to deal that contradicts domestic agenda
The release today of a confidential document from ongoing US trade negotiations with eight Pacific nations -- known as the Trans-Pacific Partnership (TPP) -- reveals that provisions included in the trade agreement would drastically undermine Obama's proposed domestic agenda and give unprecented political authority to multinational corporations.
The TPP negotiations have gone on for two years between the Obama administration and several Pacific nations under conditions of 'extreme secrecy' without press, public or policymaker oversight, says Public Citizen who posted the leaked document on their website today.
“The top U.S. trade official effectively has said that the administration must keep TPP secret because otherwise it won’t be able to shove this deal past the public and Congress,” said Lori Wallach, director of Public Citizen’s Global Trade Watch.
“The top U.S. trade official effectively has said that the administration must keep TPP secret because otherwise it won’t be able to shove this deal past the public and Congress”
Public Citizen’s Global Trade Watch
The leaked document, according to the Huffington Post, reveals 'extreme provisions' that have been agreed upon in secret negotiations that "bestow radical new political powers upon multinational corporations" in global trade and contradict key promises made to the US public about such deals.
According to Public Citizen, the leaked text now confirms that the terms of the TPP would:
- Limit how U.S. federal and state officials could regulate foreign firms operating within U.S. boundaries, with requirements to provide them greater rights than domestic firms;
- Extend the incentives for U.S. firms to offshore investment and jobs to lower-wage countries;
- Establish a two-track legal system that gives foreign firms new rights to skirt U.S. courts and laws, directly sue the U.S. government before foreign tribunals and demand compensation for financial, health, environmental, land use and other laws they claim undermine their TPP privileges; and
- Allow foreign firms to demand compensation for the costs of complying with U.S. financial or environmental regulations that apply equally to domestic and foreign firms.
“The airing of this one TPP chapter," said Wallach, "which greatly favors foreign corporations over domestic businesses and the public interest and exposes us to significant financial liabilities, shows that the whole draft text must be released immediately so it can be reviewed and debated. Absent that, these negotiations must be ended now.”
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A leak today of one of the most controversial chapters of the Trans-Pacific Partnership (TPP) reveals that extreme provisions have been agreed to by U.S. officials, providing a stark warning about the dangers of “trade” negotiations occurring under conditions of extreme secrecy without press, public or policymaker oversight, Public Citizen said.
“The outrageous stuff in this leaked text may well be why U.S. trade officials have been so extremely secretive about these past two years of TPP negotiations,” said Lori Wallach, director of Public Citizen’s Global Trade Watch. “Via closed-door negotiations, U.S. officials are rewriting swaths of U.S. law that have nothing to do with trade and in a move that will infuriate left and right alike have agreed to submit the U.S. government to the jurisdiction of foreign tribunals that can order unlimited payments of our tax dollars to foreign corporations that don’t want to comply with the same laws our domestic firms do.” [...]
“US officials are rewriting swaths of US law that have nothing to do with trade and in a move that will infuriate left and right alike have agreed to submit the US government to the jurisdiction of foreign tribunals”
While 600 official U.S. corporate advisers have access to TPP texts and have a special role in advising U.S. negotiators, for the public, press and policymakers, this leak provides the first access to one of the prospective TPP’s most controversial chapters. In May, U.S. Sen. Ron Wyden (D-Ore.), chair of the Senate Finance Committee’s Subcommittee on International Trade, Customs and Global Competitiveness – the committee with jurisdiction over the TPP – filed legislation to open the process after he and his staff were denied access even to the U.S. proposals for the TPP negotiations.
Last month, U.S. Trade Representative Ron Kirk defended the unprecedented secrecy of TPP negotiations by noting that when the draft of a major regional trade pact was released previously, it became impossible to finish the deal as then proposed. [...]
The TPP is the first trade pact the Obama administration is negotiating. Today’s leak further complicates the administration’s goal of completing TPP negotiations this fall. Already the TPP timeline was generating political headaches for the Obama re-election campaign, as repeated U.S polling shows that majorities of Democrats, Independents and Republicans oppose more NAFTA-style trade deals.
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A critical document from President Barack Obama's free trade negotiations with eight Pacific nations was leaked online early Wednesday morning, revealing that the administration intends to bestow radical new political powers upon multinational corporations, contradicting prior promises.
The leaked document has been posted on the website of Public Citizen, a long-time critic of the administration's trade objectives. The new leak follows substantial controversy surrounding the secrecy of the talks, in which some members of Congress have complained they are not being given the same access to trade documents that corporate officials receive.
"The outrageous stuff in this leaked text may well be why U.S. trade officials have been so extremely secretive about these past two years of [trade] negotiations," said Lori Wallach, director of Public Citizen's Global Trade Watch in a written statement.
Sen. Ron Wyden (D-Ore.) has been so incensed by the lack of access as to introduce legislation requiring further disclosure. House Oversight Committee Chairman Darrell Issa (R-Calif.) has gone so far as to leak a separate document from the talks on his website. Other Senators are considering writing a letter to Ron Kirk, the top trade negotiator under Obama, demanding more disclosure.
The newly leaked document is one of the most controversial of the Trans-Pacific Partnership trade pact. It addresses a broad sweep of regulations governing international investment and reveals the Obama administration's advocacy for policies that environmental activists, financial reform advocates and labor unions have long rejected for eroding key protections currently in domestic laws.
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Public Citizen: TPP = Corporate Power Tool of the 1%
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