The Comprehensive Economic and Trade Agreement, abbreviated as CETA, has attracted broad criticism this week following an impassioned piece by George Monbiot in the UK Guardian.
The treaty is promoted by its Canadian and EU backers as a key to opening cross Atlantic trade and therefor increasing wealth. Its critics point out that allowing global corporations to sue governments whenever government policy threatens their projected profits, it effectively hands over control of policy to the private sector.
Monbiot describes this as the end of governing in the interests of the people. In other words, the end of democracy as we understand it.
Many existing trade agreements include such clauses. Canada has paid $170 million in compensation to American corporations under the first seven years of the North American Free Trade Agreement and Mexico $240 million.
* A private corporate tribunal has supremacy over sovereign government legislation. For example, the tribunal could fine an elected government whose legislation, environmental protection and other social policies would reduce corporation profits.* Similar in the banking sector, monetary policy would be dictated by Wall Street* Agriculture policy would have been dictated, especially with regard to GMOs and ag-subsidies. Monsanto and the like would have had free access and no government could pass legislation prohibiting genetically modified seeds.* Standards for health and nutrition would be limited so they do not reduce profits.* Labor laws would be weakened to US standards which have virtually no protection for workers.
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