In TPP and TTIP we are not talking about the textbook trade story. The actual trade barriers between the United States and the countries in these deals, with few exceptions, are already quite low. This means that there is little to be gained by lowering them still further. TPP and TTIP are about getting special deals for businesses that they would have difficulty getting through the normal political process. Similarly, the financial industry will be looking to roll back the sort of regulations put in place through Dodd-Frank and similar legislation in other countries. Again, if governments want to ensure that their financial system is safe, they may have to pay the banks for the privilege. est of all, these trade deals will set up a new legal structure that goes outside existing system in the United States and elsewhere. All the businesses that didnt think German or British courts could be trusted to give them a fair deal can turn to the investor-state dispute settlement tribunals established as part of these trade pacts. These tribunals will effectively make their own law. The trade deals allow no appeal back to U.S. courts or the courts of any other country that is included.
Posted on: Wed, 31 Dec 2014 16:41:30 +0000
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