One such group, Public Citizen, noted that of 29 draft chapters, only 5 deal with traditional trade issues. citizen.org/TPP Renown economist Joseph Stiglitz also warned that it presented grave risks and it serves the interests of the wealthiest. One of the most controversial clauses in the TPP gives corporations the right to sue sovereign governments empowering them to privately enforce new rights and privileges, provided by the pact, by dragging governments to foreign tribunals to demand taxpayer compensation over policies that they claim undermine their expected future profits. citizen.org/TPP This development is disturbing as it elevates the power and position of large corporations who may then hold governments hostage to issues that may prove detrimental to ordinary citizens. This concern has been flagged out by Workers Party NCMP Gerald Giam at a recent parliamentary session on 4 August: geraldgiam.sg/2014/08/concerns-about-the-tpps-investor-state-dispute-settlement-provision/ The fact that Lee Hsien Loong is a firm advocate of the TPP is not surprising given that the PAP has always enjoyed a cozy relationship with large corporates. Lee was also an active proponent of the Comprehensive Economic Corporation Agreement (CECA) with India which contains a clause to allow for mutual recognition of professional standards between India and Singapore to facilitate movement of professionals through both countries for employment. Given its scale, the TPP looks to be the crowning jewel for Lee in his quest to open the doors of Singapore even further after letting in over 2 million foreigners into this island with most coming from India, China and the Philippines.
Posted on: Thu, 21 Aug 2014 06:13:19 +0000
Trending Topics
Recently Viewed Topics
© 2015