Not so free trade

Who can blame the public for not knowing very much about the Trans-Atlantic Trade and Investment Pact and the Trans-Pacific Partnership (TPP). Negotiations for those proposed “free trade” agreements are being conducted in secret and out of sight from the prying eyes of a media who show little interest, anyway. If WikiLeaks hadn't leaked documents about these Free Trade Agreements, it is doubtful we know anything at all about some of the details. So much for the investigative reporting of the press!

TPP and TTIP are about getting special deals for businesses that they would have difficulty getting through the normal political process. For example, oil and gas companies that think they should be able to drill everywhere may be able to get rules that prevent national governments from restricting their activities. This could mean, for example, that the Scottish Parliament would have to compensate potential frackers if there was to be a ban. Similarly, the financial industry will be looking to roll back the sort of regulations put in place by legislation in various countries. Again, if governments want to ensure that their financial system is safe, they may have to pay the banks for the privilege. The pharmaceutical industry and entertainment industries will get longer and stronger patent and copyright protection. And the food and pesticide industries will be able to able to limit the ability of governments to impose safety and environmental regulations.

Best of all for the corporations, TPP and TTIP will set up a new legal structure that goes outside existing system. All the businesses that don’t think German or British courts can 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 domestic courts. These "agreements" are not about trade but corporate/capitalistic monopoly entrenchment over of the power of the state and global economy.