International trade deals can result in the infringement of government rights in the Global South by powerful multinational corporations. This is the concern raised by the Colombian government, who describes the impact of such agreements as a “bloodbath” for their national sovereignty. President Gustavo Petro of Colombia has announced his intention to renegotiate the country’s deals with the United States, European Union, and the United Kingdom.
Recent developments indicate that the US and European nations are also reconsidering similar trade and investment agreements to avoid being taken to the secretive “corporate courts” established by these deals. The British government, for instance, withdrew from the Energy Charter Treaty following lawsuits from fossil fuel corporations over climate-related regulations.
The central issue revolves around investor-state dispute settlement (ISDS), which creates a special international tribunal allowing foreign corporations to sue governments. These “corporate courts” have historically favored Western interests and are now being utilized to challenge various laws, including environmental regulations crucial for combating climate change.
Colombia has been a target of ISDS cases, particularly by mining companies contesting environmental protection measures. President Petro has criticized the use of these mechanisms, highlighting the need to prioritize national courts over international tribunals. Other countries like Kenya, South Africa, and Ecuador have also started to distance themselves from this system.
It is crucial for citizens and movements to support countries like Colombia in renegotiating unfair trade deals that prioritize corporate interests over environmental and human rights concerns. By dismantling outdated agreements like ISDS, we can pave the way for more equitable and sustainable trade practices.
Disclaimer: The opinions expressed in this article are solely those of the author and do not necessarily reflect the views of Al Jazeera.
