PSI has joined her CSO partners to issue a statement to the World Bank, European Commission, African Union, and the EAC against a World Bank Court ruling asking the government of Tanzania to pay $185 million to the Hong Kong subsidiary of Standard Chartered for a so-called breaching of contract.
PSI opposes the current ISDS system and its proposed reform under the Multilateral Investment Courts (MIC) and warns countries to be weary of this monster because it gives vague and ambiguous rights to corporations.
PSI also opposes the current Bilateral Investment Treaty (BIT) system which gives corporations excessive rights at the expense of human rights including workers’ rights, health rights, and the rights to a clean and healthy environment.
We are concerned and therefore opposed to the current system which gives corporations the right to sue states the moment they feel that their rights to make profit are being threatened by state policy aimed at protecting the public interest.
Unions in MENA region unite against ISDS
In a meeting held in Casablanca (Morocco) on 1-3 October, PSI affiliates and Civil Society Organizations in Africa and the MENA region call for a complete eradication of ISDS in investment and trade agreements, and a discontinuation of the Multilateral Investment Court (a reform proposal of the EU, to the ISDS) in the UNCITRAL Process.