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Both contain new language demanded by the Bush Treasury Department’s ideologues banning countries from imposing currency controls during in financial crises. This is the language Rep. Barney Frank, The Economist, the Financial Times and free-trade absolutist Columbia Professor Jagdish Bhagwati have all attacked. The use of capital controls (ie. temporary freezes on currency trading) is subjected to investor-to-state claims by banks and others for penalty compensation. Under NAFTA a country is allowed to use short term currency controls in a crisis.
Both include the language from the failed Multilateral Agreement on Investment (MAI) which places an ABSOLUTE BAN on all investment performance requirements (ie. requiring successful environmental impact statements as a condition for investment) in signatory countries, including vis a vis investors from non-signatory countries!
Countries may only issue a compulsory license for a medicine if anti-competitive practices are proved (ie. a violation of anti-trust law) or for a national emergency.
Outrageously, the agreements require that if a compulsory license is issued, the full market price of the drug must be paid to obtain production rights, meaning consumer price cuts are eliminated.
Only governments are allowed to use such a license, meaning that a government must the ability to produce the drug itself (ie. not a private firm in the country.)
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