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[/FONT]WASHINGTON -- The Obama administration is pursuing a free trade agreement with the European Union that would grant corporations new political power to challenge an array of regulations both at home and abroad, according to an administration official involved in the negotiations.
If states are unable to pass and enforce laws within their borders, it could change the nature of their community and government, nonprofit groups emphasize. Exactly how broad these corporate political powers will be is undetermined, but one aspect of the agreement, known as "investor-state dispute resolution," would allow a company to appeal a regulatory rule or law to an international court, most likely the World Bank. The international body would be given authority to impose economic sanctions against any country that violated its verdict, including the United States.
"These provisions elevate corporations to the level of nation states and allow them to sue governments over nearly any law or policy which reduces their future profits," said Ilana Solomon, trade specialist for the Sierra Club, an environmental protection group.
[FONT=Georgia, Century, Times, serif]She said investor-state resolution is "terribly risky for communities, the environment, and our climate."
[FONT=Georgia, Century, Times, serif]Read more @: [/FONT]Obama's EU Trade Deal Would Include New Political Powers For Corporations
[FONT=Georgia, Century, Times, serif]Will kiss goodbye countries sovereignty of their trade policies and laws. If you piss off a country they will just take it to the world bank. This agreement is bull****. [/FONT]