The Obama administration’s release Thursday of the more than 2,000 pages of the text of the Trans-Pacific Partnership agreement, known more commonly as Obamatrade, has prompted a rash of criticism from both the political left and the right.
Critics charge the pact undermines U.S. sovereignty by establishing a secret, unaccountable TransPacific Partnership Commission with sweeping regulatory powers over 40 percent of the world’s economy while sending jobs abroad.
“This trade agreement would allow foreign corporations to challenge our health, safety and environmental protections in a foreign tribunal outside our legal system, and it would weaken those bedrock safeguards in the United States,” said Jake Schmidt, international program director at the Natural Resources Defense Council. “While there are some positive conservation measures, the agreement’s substantial shortcomings should lead Congress to reject it.”
Chapter 28 of the TPP agreement, titled “Dispute Settlement,” specifies that trade disputes will be adjudicated by a three-person panel in accordance with international law, including any World Trade Organization obligations that have been written into the various sections of the TPP agreement.
Read More: Obamatrade condemned by both left, right
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