ISDS exploded onto the scene in the late 1990s. It's probably been the biggest bonanza for large international law firms that we've seen in international law, because you can get access to public money in ways you just can't elsewhere in international law. Canada's the fifth most sued country in the world. Why? We're the only western developed country ever to have agreed to ISDS with the United States under NAFTA. This is 20 years later. No other country has taken that path, that degree of concession of our sovereignty to these kinds of tribunals. It's a meek surrender of sovereignty—that's how I describe what ISDS has entailed for our country.
The TPP would expand it to include coverage of more foreign-owned assets in our economy. If you include the CETA with Europe, almost our entire foreign-owned economy would be subject to the power of these tribunals. As well, there are some elements in the TPP that expand the existing rights of U.S. investors in Canada.
I would draw attention particularly to how ISDS is incorporated into the TPP's financial services chapter. Basically, financial services companies will be able to sue us, using rights called fair and equitable treatment and full protection and security, which they cannot currently do under NAFTA. That's a win for big banks and a loss for financial regulators and anyone they protect, in the case of the TPP.