Antinuclear

Highly sensitive details of the negotiations over the little-known Trades in Services Agreement (TiSA) published by WikiLeaks reveals Australia is pushing for extensive international financial deregulation while other proposals could see Australians’ personal and financial data freely transferred overseas.

The secret trade documents also show Australia could allow an influx of foreign professional workers and see a sharp wind back in the ability of government to regulate qualifications, licensing and technical standards including in relation to health, environment and transport services.

In its largest disclosure yet relating to the TiSA negotiations, WikiLeaks has published seventeen documents including draft treaty chapters, memoranda and other texts setting out the overall state of negotiations and individual country positions in a secret bargaining on banking and finance, telecommunications and e-commerce, health, as well as maritime and air transport.

The leaked documents were to be kept secret until at least five years after the completion of the TiSA negotiations and entry into force of the trade agreement.

Dr Patricia Ranald, research associate at the University of Sydney and convener of the Australian Fair Trade and Investment Network, said WikiLeaks’ publication revealed an “extreme deregulatory agenda” on the part of both the United States and Australia’s negotiators with “serious implications for all service sectors, perhaps human services especially”.

The leaked draft TiSA financial services chapter shows a continuing strong push by the United States, Australia and other countries for deregulation of international financial services, an approach strongly supported by Australian banks keen to increase their business in Asian markets

However Financial Sector Union secretary Fiona Jordan said there was a need to strengthen not weaken financial and banking regulation.

“The issue has to be about Australia maintaining the tight regulations it has – and perhaps even adding to these,” Ms Jordan said.

“We cannot be in a position where outside bodies are undermining protocols in the interest of commercial competition or gain. We have yet to resolve the woes of the financial planning industry, which have effectively cost the industry consumer confidence; any further deregulation would be to the detriment.”

The text on government regulation of services also shows Australia supports a broad approach to winding back government regulation of qualifications, licensing and technical standards “affecting” trade in services, with only a limited range of still to be agreed exemptions.

“TISA proposals for more controls on domestic regulation would limit government regulation of licensing, qualifications and technical standards in childcare and aged care unless these services were specifically exempted,” Dr Ranald said.

“This could prevent or limit future government regulation to improve staff qualifications and quality of care in these services.”

Australia also strongly supports the free delivery of a wide range professional services, including legal, accounting and taxation services, engineering, construction and architectural services as well as private education services, and has proposed the removal of all restrictions on foreign investment associated with provision of such services…….

Together with the Trans-Pacific Partnership, the TiSA is subject to United States “fast track” trade promotion authority legislation that is expected to be voted on by the US Congress this month……..

The leaked TiSA documents can be found at WikiLeaks.org.

http://www.smh.com.au/national/wikileaks-reveals-new-trade-secrets-20150603-ghfycx.html