Wednesday, March 16, 2011

AfD backs removal of investor protections from FTAs

Alliance for Democracy has signed on to a letter addressed to President Obama calling for the removal of investor protection provisions from the Central American Free Trade Agreement and other FTAs. CISPES, the group organizing support for the letter, hopes to present the letter to Obama during his El Salvador trip next week, and to publish the letter in newspapers in Salvadoran papers.

Investor protection clauses give corporations the right to sue before secret trade tribunals if they feel that a nation's laws or regulations impede their ability to make a profit. David Delk, AfD co-chair, explains more here.

Presentation of the letter also coincides with the next phase of an arbitration hearing between Pacific Rim Mining Company, a Canadian firm, and El Salvador--Pacific Rim is claiming millions of dollars in damages after widespread opposition to a proposed gold mine led them to drop plans for permitting and end exploratory drilling.

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