The groups argue that removing ISDS — which has prioritized corporate rights over those of governments, people, and the planet — is needed to protect policies necessary for a clean energy transition.
The Russian state will go on trial for failing to pay $60bn (£49bn) to former shareholders of defunct oil behemoth Yukos, after a British judge blocked the country’s bid for immunity.
Governments the world over are worried about investor-state dispute settlement (ISDS) rules. These allow foreign investors to sue them for billions over new laws or policies reducing their profits.
The investor-state dispute settlement is a system that empowers foreign investors to sue a sovereign government. It was instituted in the 1960s against the votes of most Latin American countries — and continues to wreak havoc today.
The Paris Appeal Court has found in favour of Air Canada in its long-standing dispute with Venezuela over the payment of about USD21 million in compensation for airline ticket revenues withheld by the South American country.
First Quantum notified the government of its intent to initiate arbitration under the Canada-Panama Free Trade Agreement in 2022, during the contract’s negotiation process.
On 21 August 2023, ASEAN, Australia, and New Zealand brought several amendments, improvements and additions to their longstanding free trade agreement known as AANZFTA