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Tide is turning against treaties that allow foreign investors to sue host governments
http://triplecrisis.com/investor-treaties-in-trouble/>>>
Indonesia has given notice it will terminate its bilateral investment treaty (BIT) with the Netherlands, according to a statement issued by the Dutch embassy in Jakarta last week.
The Indonesian Government has also mentioned it intends to terminate all of its 67 bilateral investment treaties, according to the statement.
It has not been confirmed by Indonesia. But if this is correct, Indonesia joins South Africa, which last year announced it is ending all its BITS.
Several other countries are also reviewing their investment treaties.
This is prompted by increasing numbers of cases being brought against governments by foreign companies who claim that changes in government policies or contracts affect their future profits.
Many countries have been asked to pay large compensations to companies under the treaties.
The biggest claim was against Ecuador, which has to compensate an American oil company US$2.3bil (RM7.6bil) for cancelling a contract.
The system empowering investors to sue governments in an international tribunal, thus bypassing national laws and courts, is a subject of controversy in Malaysia because it is part of the Trans-Pacific Partnership Agreement (TPPA) which the country is negotiating with 11 other countries.
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Tide is turning against treaties that allow foreign investors to sue host governments (Original Post)
Teamster Jeff
Mar 2014
OP
Oh, so just sitting down and shutting up because that's the way it has always been done is not
djean111
Mar 2014
#1
Hopefully such issues will contribute to the death knell of such trade agreements.
dipsydoodle
Mar 2014
#2
djean111
(14,255 posts)1. Oh, so just sitting down and shutting up because that's the way it has always been done is not
the only approach? Imagine that!
I have noticed that we pie-in-the-sky liberals are no longer told to just STFU about the TPP because we don't what is in it, entirely - now the meme is hey, we always do that sort of shitty thing, give investor states dominion over countries. So stop yer whining!
Also saw somewhere that good little citizens would never complain about policies. That's what good little citizens are supposed to do, if the feel a policy is bad. They work for us, remember?
dipsydoodle
(42,239 posts)2. Hopefully such issues will contribute to the death knell of such trade agreements.
.
rhett o rick
(55,981 posts)3. Maybe our Pres will take notice. nm
Laelth
(32,017 posts)4. Good. Corporations should never have sovereignty over states. n/t
-Laelth