Mr. Speaker, we have seen great problems with chapter 11 of NAFTA on investment. It enables foreign investors to appeal directly to international tribunals, bypassing the filter of the public good that governments would apply.
The concept of expropriation is so broad that any legislation that would have the effect of reducing an investor’s profits can be deemed expropriation and result in a lawsuit. The amount of the suit is not limited to the amount of the investment and includes all potential future profits. It is totally abusive.
This chapter has been condemned by everyone. As soon as a piece of legislation, for example to protect the environment, reduces a foreign investor’s profits, the government of the country that welcomed the investor is exposed to astronomical lawsuits. Under the Conservatives, now with Liberal support, Ottawa is turning up the heat and negotiating many such agreements.
The Bloc Québécois is opposed to the bill implementing the free trade agreement between Canada and Colombia because of the provisions copied from chapter 11 of NAFTA.
That is my answer.