Rt Hon Winston Peters
New Zealand First Leader
21 August 2013

Fear That NZ Will Be Targeted After Secret Trade Talks

New Zealand First has again demanded that the Prime Minister reveal details of the secret deals the Trade Minister is negotiating at the Trans-Pacific Partnership (TPP) talks in Brunei.

In Parliament, Rt Hon Winston Peters questioned John Key about the effects of so-called Investor-State Dispute Settlements (ISDS) which allow for governments to be sued by foreign big business.

“Nearly a billion dollars has been paid out by foreign governments to overseas investors in ISDS disputes brought under TTP type agreements and this must not be allowed to happen to New Zealand.

“The average legal cost for countries involved in these disputes is NZ$10 million per case, but frequently rise to be as much as nearly NZ$40 million per case.

“These huge foreign companies use legal action as a business tactic and they keep suing until their victims crumple.”

Mr Peters says New Zealand should walk away from the TPP if it gives foreign companies unfettered powers to sue governments.

“It’s time this government acted in the interests of New Zealanders instead of being besotted by big business in the United States.

“The secrecy of these talks should fill every citizen with fear about their economic future,” says Mr Peters.

ENDS

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