Australian Council of Trade Unions (ACTU) Submission to the Department of Foreign Affairs and Trade
The ACTU supports fair trade as a vehicle for economic growth, job creation, tackling inequality and raising living standards. The most important objective of trade policy should be to deliver benefits to workers, the community and the economy by increasing opportunities for local businesses, creating quality local jobs, and protecting public services. The benefits of trade must be shared among our community and promote equitable development abroad.
We welcome the opportunity to make a submission to the DFAT consultations regarding renegotiation of the Bilateral Investment Treaties (BITs) with Argentina, Pakistan and Türkiye, which entered into force in 1997, 1998, and 2009 respectively. The Australian Union movement welcomes Trade Minister Farrell’s commitment that new agreements will not contain Investor State Dispute Settlement clauses and will review ISDS in existing agreements. These renegotiations are an important step to implement this policy. Scrapping ISDS is essential to ensuring that Australia’s trade policy can protect workers’ rights by safeguarding the ability of the government to regulate in the public interest, including regulation that protects workers’ rights, the environment, public services, and public health. Scrapping ISDS in our agreements with our trading partners is also essential to promoting equitable development abroad, given the devastating impact ISDS can have on the public finances of low-income countries.
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