FOR IMMEDIATE RELEASE
June 13, 2012
Contact: Dan Byrnes, 202-495-3039, firstname.lastname@example.org
Leaked Text Confirms the Trans-Pacific Partnership Would Undermine Public Interest Policy
Sierra Club opposes provisions in draft text, demands more transparency
WASHINGTON, D.C. – Today, the investment chapter of the Trans-Pacific Partnership (TPP) free trade agreement was leaked after two years of closed-door negotiations. The leaked text confirms the Sierra Club’s suspicions that the investment chapter would give unfettered rights to foreign corporations at the expense of environment and other public interest policy.
“Our worst fears about the investment chapter have been confirmed by this leaked text. Government officials have touted the TPP as a ‘21st Century Agreement.’ But the language in the investment chapter echoes outdated trade agreements which put the profits of corporations over environment and public interest policy,” said Margrete Strand Rangnes, Labor and Trade Director for the Sierra Club. “The full text of the TPP must be publically released and the secretive nature of the talks must come to an end.”
The Sierra Club is beginning to analyze the 52-page leaked text of the investment chapter, and initial examination reveals it would allow foreign corporations to subvert national court systems, challenge environmental and public health safeguards in private and non-transparent tribunals for unlimited cash compensation, and more.
To date, corporations such as Exxon Mobil and Dow Chemical have launched more than 450 cases against 89 governments using investment rules similar to those in the leaked text. Dozens of environmental laws and regulations have been challenged, and countries--including the U.S.--have spent millions of dollars fending off corporate attacks on government policy.
“The Sierra Club recognizes and appreciates that the United States is pushing for a strong and legally binding environment chapter of the TPP. However, this investment chapter would severely undermine attempts to strengthen environmental law and policy. The Sierra Club could not support an agreement with such harmful investment provisions,” Strand Rangnes said.
The Sierra Club will continue to demand transparency and a re-write of the investment rules as the next round of negotiations starts early July in San Diego.
For more information about the TPP, click here.