> can you explain how Canadian and European legal systems are so insufficient for seeking legal recourse for legitimate grievances that companies need to be able to sue either government in international tribunals?
States can't be expected to be impartial.
Investors and citizens should rightfully expect protection from discrimination and uncompensated expropriation. We're in an era of economic nationalism (Brexit, Trump) and easy access to impartial protection of rights and rule of law is more important than ever.
This isn't just protecting big business - half the cases in US agreements concern small to medium busiensses who can't afford to know every local law in every nation nor afford teams of lawyers[0]
I don't think there is anything wrong with the concept of ISDS - without it it's arguable that it would have been difficult to develop the trade agreements in the 60s and onwards that sprouted the current crop of developing nations.
The problem and more recent phenomenon is with corporations becoming more creative in exploiting old agreements. This is being fixed in the more recent agreements. I don't think you'd find anybody defending the old agreements and their very loose definitions of expropriation (or lack of)
Canada would know - they've lost 7 cases with NAFTA and learned a lot in redeveloping ISDS for CETA[1]
States can't be expected to be impartial.
Investors and citizens should rightfully expect protection from discrimination and uncompensated expropriation. We're in an era of economic nationalism (Brexit, Trump) and easy access to impartial protection of rights and rule of law is more important than ever.
This isn't just protecting big business - half the cases in US agreements concern small to medium busiensses who can't afford to know every local law in every nation nor afford teams of lawyers[0]
I don't think there is anything wrong with the concept of ISDS - without it it's arguable that it would have been difficult to develop the trade agreements in the 60s and onwards that sprouted the current crop of developing nations.
The problem and more recent phenomenon is with corporations becoming more creative in exploiting old agreements. This is being fixed in the more recent agreements. I don't think you'd find anybody defending the old agreements and their very loose definitions of expropriation (or lack of)
Canada would know - they've lost 7 cases with NAFTA and learned a lot in redeveloping ISDS for CETA[1]
[0] https://ustr.gov/about-us/policy-offices/press-office/fact-s...
[1] http://www.nationalmagazine.ca/Articles/March-2016-Web/CETA-...