April 3, 2023: Australias Trade Minister Senator Don
Farrell
announced on March 31 that negotiations for the United Kingdom
to join the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP) were substantially concluded but
that a draft Accession Protocol treaty instrument still had to be
finalised. The treaty text will not be released until after it has
been finalised and signed by all CPTPP parties in the next weeks or
months.
The 11 CPTPP members are Australia, Brunei Darussalam, Canada,
Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and
Vietnam. The US initiated the Trans-Pacific Partnership (TPP) talks
in 2008, but pulled out in January 2017 following a massive civil
society campaign against its neo-liberal terms. These included
Investor-State Dispute Settlement (ISDS), which allows a foreign
investor to sue a government if they believe a new law or policy
harms their investment.
Australia and the UK have signed and ratified the Australia-UK Free Trade
Agreement which will come into force soon. After community
campaigning in Australia and the UK, both governments agreed to
exclude ISDS from that agreement, as both expressed trust in each
others legal systems.
But if the UK joints the CPTPP without Australia taking action
on ISDS, British companies could sue the Australian government over
law or policy changes, including regulation of carbon emissions and
other environmental standards. There have been increasing numbers
of cases by fossil fuel companies against
regulation of carbon emissions.
Since the late 1980s, British companies have lodged
90 claims against foreign governments using ISDS provisions the
third-highest number after US and Dutch companies. British oil and
gas miner
Rockhopper Explorations recently won 210 million plus interest
(about A$360 million) in compensation for lost future profits over
Italys 2015 ban on oil and gas drilling within its territorial
seas. UK-based fossil-fuel investors in Australia include Anglo American,
BP and...