Obama's EU Trade Deal Would Include New Political Powers For Corporations [View all]

[KoKo]

Zach Carter
Posted: 04/03/2013 7:30 am ED

WASHINGTON -- The Obama administration is pursuing a free trade agreement with the European Union that would grant corporations new political power to challenge an array of regulations both at home and abroad, according to an administration official involved in the negotiations.

While the plan is still in its early stages, the effort alarms consumer and environmental advocates who worry it will lead to a rollback of important rules and put multinational companies on the same political plane as sovereign nations.

If states are unable to pass and enforce laws within their borders, it could change the nature of their community and government, nonprofit groups emphasize. Exactly how broad these corporate political powers will be is undetermined, but one aspect of the agreement, known as "investor-state dispute resolution," would allow a company to appeal a regulatory rule or law to an international court, most likely the World Bank. The international body would be given authority to impose economic sanctions against any country that violated its verdict, including the United States.

"The dirty little secret about [the negotiation] is that it is not mainly about trade, but rather would target for elimination the strongest consumer, health, safety, privacy, environmental and other public interest policies on either side of the Atlantic," said Lori Wallach, director of Public Citizen's Global Trade Watch. "The starkest evidence ... is the plan for it to include the infamous investor-state system that empowers individual corporations and investors to skirt domestic courts and laws and drag signatory governments to foreign tribunals."


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http://www.huffingtonpost.com/2013/04/04/eu-trade-deal_n_2994410.html