Disadvantages to New Zealand of entering CPTPP, Investment Sample Clauses

Disadvantages to New Zealand of entering CPTPP, Investment. The obligations of the Investment chapter, as designed to facilitate and protect investment flows between CPTPP countries, would on the whole not create additional obligations for New Zealand. This is because existing agreements and customary international law are already reflected in New Zealand’s investment policy and regime. While on the whole there is benefit to New Zealand from other countries taking on CPTPP’s Investment chapter obligations, there are two areas that could generate potential costs. These are the implications of the ISDS mechanism and changes to New Zealand’s investment screening thresholds for significant business assets. In both areas, New Zealand was able to address these risks through specific reservations (non-conforming measures), exceptions and safeguards. The ISDS mechanism, while providing recourse for New Zealand investors in CPTPP countries, has the reciprocal potential consequence of an increased exposure of the New Zealand Government to ISDS claims. ISDS has been included in many of New Zealand’s existing trade and investment agreements, but it has never been utilised. Nonetheless, the CPTPP increases the potential number of new investors in New Zealand and therefore the risk that New Zealand may face an ISDS claim in the future. This heightened risk has been suggested by some commentators as potentially preventing future governments from taking regulatory action in areas of importance to New Zealand. There are several aspects of ISDS in CPTPP that are considered to provide sufficient mitigation to balance the advantages and disadvantages of ISDS as acceptable for the New Zealand Government. New Zealand and Australia have agreed in a separate legally binding letter that CPTPP’s ISDS provisions will not apply between us. Australia is responsible for 80 percent of the total foreign direct investment from CPTPP countries into New Zealand. In other words, ISDS under the CPTPP would not be available to 80 percent of all FDI from CPTPP countries in New Zealand. In addition, the ISDS mechanism would not apply, or require the New Zealand Government’s explicit consent, for investments from four other CPTPP Parties: Brunei, Malaysia, Peru and Viet Nam. The CPTPP’s safeguards, reservations and exceptions ensure New Zealand retains the ability to regulate for public health, the environment and other important regulatory objectives. Given a claim has never been made against a New Zealand Government under an international agreement, the...
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