First U.S. Pact Negotiated Since Global Financial Crisis Fails to Remedy Past Pacts’ Deregulatory Terms and Grants Firms New Rights to Challenge Financial Policies
By Public Citizen's Global Trade Watch
Although the Trans-Pacific Partnership (TPP) is the first U.S. trade deal to be negotiated since the 2008 financial crisis that spurred a global recession, it would impose on TPP signatory countries the pre-crisis model of extreme financial deregulation that is widely understood to have spurred the crisis. After nearly six years of negotiations under conditions of extreme secrecy, the Obama administration has only now released the text of the controversial deal after it has been finalized and it is too late to make any needed changes. The TPP financial services and investment chapters provide stark warnings about the dangers of “trade” negotiations occurring without press, public or policymaker oversight.