Mr. Speaker, I listened with great interest to my hon. colleague. On the issue of the credibility of the World Bank, we are here to rubber stamp this forum, yet the World Bank has caused damage on the international stage by its use of backroom trade pressure to undermine legitimate decisions by national sovereign governments.
I point to 2005 when Ecuador had part of its $100 million loan held back by the World Bank in punishment because it had the audacity to spend some of its own money on health and education. The World Bank thought that was an egregious abuse of the rights of investors, of people who were looking for this global race to the bottom. The World Bank has been the bully boy. It has destroyed good attempts at development by national sovereign governments.
Suddenly we in the House are supposed to accept the principle that the World Bank will arbitrate in a fair and open manner. It will not be open because dispute mechanisms will only be made public if both parties agree. There will only be binding third party briefs if both parties agree and it will be completely separate from any appeal process.
Does my hon. colleague not think it is a bit rich that at this time in our history with, for example, Naomi Klein's book The Shock Doctrine and with the incredible disgrace of Paul Wolfowitz, a good friend of the Conservative Party that has already risen to his reputation, we are now being told the World Bank is somehow an august, credible body in terms of international trade and fairness?