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originally posted by: myselfaswell
a reply to: beezzer
Fair point beezer, but what happens when the people actually decide that's not good enough any more and the country passes a law that's a direct impost or outright ban perhaps on a product. The corporation then sues the sovereign state for losses incurred, how exactly does that work out as far as democracy is concerned.
Corporation A Asia is arguing that Australia's tobacco plain packaging measure constitutes an expropriation of its Australian investments in breach of Article 6 of the Hong Kong Agreement. Corporation A Asia further argues that Australia's tobacco plain packaging measure is in breach of its commitment under Article 2(2) of the Hong Kong Agreement to accord fair and equitable treatment to Corporation A Asia's investments. Corporation A Asia further asserts that tobacco plain packaging constitutes an unreasonable and discriminatory measure and that Corporation A Asia's investments have been deprived of full protection and security in breach of Article 2(2) of the Hong Kong Agreement. Australia rejects these claims.
Soon the businesses will control everything
This dangerous trade deal being negotiated between the EU and US and will be a loss of democratic control by stealth.
If passed, TTIP would allow corporations to sue governments for changes they feel might harm their profits. This appalling rule is embedded in many existing agreements and companies are already using it.
For example, Egypt is being sued for nearly £50 million for raising the minimum wage. Egypt raised the minimum wage in response to a demand of the Arab uprisings. Now that victory for the people is being undermined by multinational company Veolia, which is suing the government for the cost of raising workers’ salaries.
If TTIP goes ahead, cases like this could become widespread as more and more countries are pressured into accepting similar deals. TTIP is a global threat to democracy.