"This trade deal is not about trade."
We've known for some time that the “investor-state dispute settlement” process is a threat to our national sovereignty. But, now we know that those international trade courts are also a huge benefit to billionaires and massive corporations.
According to a new study published by York University in Toronto, “the beneficiaries of [the] ISDS... have overwhelmingly been companies with more than $1 billion per year in annual revenue – especially extra-large companies with more than $10 billion – and individuals with more than $100 million in net wealth.”
In other words, massive trade agreements like the TPP aren't about expanding trade or opening markets – they're about making rich people and corporations even richer. And, that's exactly why we must keep push Congress to say no to the Trans Pacific Partnership.
That study addresses how these ISDS courts have been given the appearance of “legitimacy” by allowing people to believe that these systems would also benefit individuals and small businesses, but that's not how they work in practice.
The authors explained that challenges are not brought to these courts through normal, public processes that could be utilized by the little guy. Instead, cases are only heard by these private panels of arbitrators, who often represent the same massive corporations likely involved in the case in question.
Is it any wonder that nearly all of the money – as in 95% - that was awarded through ISDS challenges went straight to the super wealthy and giant corporations?
As a trade campaigner for Greenpeace explained, “This trade deal is not about trade. It's about the transfer of power from people to big business.” As if they need another way to cheat us or rig the system.
The reasons to reject the TPP keep adding up, and it's time to let Congress know that they will vote down this trade deal, or we will vote them out of office.