03:00 GMT04 December 2020
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    Joseph Stiglitz, recipient of the Nobel Memorial Prize in Economic Sciences, warns Canada to “stay away” from the Trans-Pacific Partnership, saying it is a flawed trade agreement that benefits big business at the expense of the working class.

    Delivering his speech at University of Ottawa conference on the Pacific Rim trade agreement at the end of March, 2016, Stiglitz said that the TPP will cost Canada a significant amount of jobs and weaken the government's ability to make regulations, including those meant to protect the environment.

    "I think what Canada should do is use its influence to begin a renegotiation of TPP to make it an agreement that advances the interests of Canadian citizens and not just the large corporations," he said later in an interview.

    According to Stiglitz, TPP is the "worst part of the agreement," because it allows large multinationals to sue the Canadian government. He said the provision could be used to prevent raising the minimum wage or to overturn rules that prevent usury or predatory lending practices.

    "This deal was done in secret with corporate interests at the table," he said.

    The House of Commons of Canada's Trade Committee is currently studying the agreement. According to International Trade Minister Chrystia Freeland, this process will take up to nine months. After that, she has promised that only a vote in Parliament would ratify the deal, which was negotiated under the former Conservative government.

    "I'm a little surprised that Canada would seriously consider going through the political fight that is associated with getting this agreement ratified until the U.S. adopts it," Stiglitz said.




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