Cross-posted from Campaign For America's Future
As with leaks from the secret Tran-Pacific Partnership negotiations, this leak shows that the largest corporations are working to bypass recent efforts by governments to rein them in by pushing through "trade" agreements that override their ability to write their own laws and regulations.
This time the leak is the "Financial Services Annex" of the Trade in Services Agreement (TISA). It shows that the TISA negotiations are an effort to not only undo the minimal regulation of Wall Street that occurred after the financial crash, but to further deregulate financial markets worldwide. As WikiLeaks words it...
"Despite the failures in financial regulation evident during the 2007-2008 Global Financial Crisis and calls for improvement of relevant regulatory structures, proponents of TISA aim to further deregulate global financial services markets."
TISA is a huge "trade" agreement that covers the services sector, which includes audiovisual; finance; insurance; energy services; transportation, logistics, and express delivery services; information technology services; and telecommunications. TISA currently has 50 countries participating in the negotiations: Australia, Canada, Chile, Taiwan, Colombia, Costa Rica, European Union, Hong Kong, Iceland, Israel, Japan, Liechtenstein, Mexico, New Zealand, Norway, Pakistan, Panama, Paraguay, Peru, Republic of Korea, Switzerland, Turkey, and the United States. (European Union includes: Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and United Kingdom.)
Jane Kelsey, Law Professor at the University of Auckland in New Zealand, has provided a preliminary analysis of the draft. In Memorandum on Leaked TISA Financial Services Text, Kelsey writes that the secrecy "runs counter to moves in the WTO [World Trade Organization] towards greater openness," that the agreement appears to be "a new template for future free trade agreements and ultimately for the WTO" and that participating governments "will: be expected to lock in and extend their current levels of financial deregulation and liberalisation; lose the right to require data to be held onshore; face pressure to authorise potentially toxic insurance products; and risk a legal challenge if they adopt measures to prevent or respond to another crisis."
Lori Wallach, Director of Public Citizen's Global Trade Watch put out this statement on the leak:
"If the text that was leaked today went into force, it would roll back the improvements made after the global financial crisis to safeguard consumers and financial stability and cement us into the extreme deregulatory model of the 1990s that led to the crisis in the first place and the billions in losses to consumers and governments.
"This is a text that big banks and financial speculators may love but that could do real damage to the rest of us. It includes a provision that is literally called 'standstill' that would forbid countries from improving financial regulation and would lock them into whatever policies they had on the books in the past."
This is one more leak showing that the giant corporations and the billionaires behind them consider themselves powerful enough to just ignore governments, and are negotiating among themselves the rules for world corporate domination in the 21st century.