Oral Statement by Iuventum on different approaches and criteria for the future definition of the scope of the international legally binding instrument
...The report by Mr. Alfred De Zayas shows the possibility of ISDS seriously violating UN Charter and human rights. From the viewpoint of sustainability, we also see such a settlement procedure beyond the state control and sovereignty will go in the opposite direction from good state practices for the humanity's constant effort to sustain or improve our living standard to the highest attainable level. Many of the current state regulations based on the public consensus on various living standards such as food safety, health care, labor and environment can easily be compromised facing such investment court system, and the standards of the member states of such agreements can be aligned to the worst practice among the member states, instead of being pushed up to level of the best or good. A state have obligation to protect its citizens. It should not sell the authority to the private benefit. We call for the abolition of ISDS and endorse his recommendations. A good international binding treaty should include the prohibition of such a mechanism whose core intention is only to benefit the greed of certain transnational corporations at the cost of rapidly degrading human rights, living standards and sovereignty of the states.