New Zealand First Bill is More Important than Ever

Our worst fears around the controversial investment chapter of the Trans-Pacific Partnership Agreement (TPPA) have been realised, says Fletcher Tabuteau, New Zealand First Commerce and Trade Spokesperson.

“The latest information confirms that the National government has capitulated to United States demands. This deal will give special rights to foreign investors who will be able to sue our government for massive damages if our laws or court decisions significantly impact their financial bottom line.

“The Prime Minister promised effective safeguards would be in place around investor-state dispute settlements (ISDS) which will invariably take New Zealand as a country through off-shore tribunals and cost New Zealand taxpayers hundreds of millions of dollars.

“New Zealand First has taken note of the increasing international rejection of special rights for foreign investors. Any trade deal we sign up to must ensure that we don’t give away our right to determine what is best for New Zealanders.

“By accepting almost everything America has proposed this government will undermine New Zealand business because multi-nationals will operate in a privileged position, holding us to ransom over our own law making.

“The Fighting Foreign Corporate Control Bill, a New Zealand First Member's Bill drawn last week in my name, would mean this government could only sign trade deals that were of benefit to New Zealand business and New Zealanders rather than putting the rights of foreign corporates ahead of all New Zealand.

"After all, the Prime Minister did say it was about trade, when it turns out to be a deal on behalf of foreign corporations that compromises the sovereignty of New Zealand."

ENDS

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