In his column in the latest New YorkerJames Surowecki looks at Investor-State Dispute Settlement (ISDS) provisions that feature in many bilateral and multilateral trade and investment agreements. These provisions allow individual investors in some circumstances to seek redress against domestic governments not just in domestic courts, but before an international arbitration tribunal (most commonly the ICSID, which is based at the World Bank).
As Surowecki notes, “these provisions have been opposed by an unusual coalition of progressives and conservatives”.
Advocates argue that ISDS provisions help to encourage foreign investment. For some of the opponents, that would almost be enough of an argument itself. For them, foreign investment itself is threatening. But plenty of people who are generally keen on pretty open foreign investment are also somewhat wary. I reckon that regulatory obstacles, and screening regimes, in respect of foreign investment in New Zealand should be materially reduced, but partly…
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