Australian companies face losing rights to sue foreign governments for decisions that harm their business, with the Albanese government vowing to strip future free trade agreements of investor-state dispute settlement clauses and water them down in existing deals.
Senator Farrell will declare that Australia’s future prosperity will depend in part on how well the nation adapts to challenging strategic circumstances. Senator Farrell will say the geostrategic case for a European Union FTA had grown, but it will need to deliver “substantial new market access” for agriculture.Senator Farrell will confirm the Albanese government’s opposition to incorporating investor-state dispute settlement clauses in free trade deals, which allow companies to challenge foreign government decisions and seek compensation before a tribunal if their investment is harmed.when deciding to open projects in developing countries.
Australia has signed 10 agreements with an ISDS clause, including the Trans-Pacific Partnership, ASEAN-Australia-New Zealand FTA and bilateral FTA with China, South Korea, Indonesia and Singapore. A further 15 bilateral investment agreements also include ISDS mechanisms.However, ISDS clauses are not part of free trade deals with the US, UK and Japan, and have not been part of negotiations with the European Union because they are illegal in Europe.
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