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Wednesday, 11 August 2004
Page: 26097

Senator HARRIS (10:20 AM) —I seek leave to table a document relating to the chapter 11 cases under NAFTA.

Leave granted.

Senator HARRIS —Having tabled the document, I draw to Senator Hill's attention the contents, which relate to the cases that I raised earlier on. I wish to make one correction. In fact there are 15 cases, not the 19 that I indicated earlier on. I would like to draw Senator Hill's attention to section 17 of article 11 on the page noted 11-10 in the document. Under the definitions it says:

For the purposes of this Chapter:

... ... ...

4. investment means every asset that an investor owns or controls, directly or indirectly, that has the characteristics of an investment, including such characteristics as the commitment of capital or other resources, the expectation of gain or profit, or the assumption of risk. Forms that an investment may take include:

(a) an enterprise;

(b) shares, stock, and other forms of equity participation in an enterprise;

(c) bonds, debentures, other debt instruments, and loans;

(d) futures, options, and other derivatives;

(e) turnkey, construction, management, production, concession, revenue-sharing, and other similar contracts;

(f) intellectual property rights;

(g) licenses, authorisations, permits, and similar rights conferred pursuant to the applicable domestic law; and

(h) other tangible or intangible, movable or immovable property, and related property rights, such as leases, mortgages, liens, and pledges ...

That is what an investment covers under that section. The next definition states:

5. investor of a non-Party means, with respect to a Party, an investor that seeks to make, is making, or has made an investment in the territory of that Party, that is not an investor of either Party ...

My question to Senator Hill is: taking into account the document that I have just tabled, can you provide for the chamber an understanding of the difference between NAFTA and the Australia-US free trade agreement in that the Australia-US free trade agreement will exclusively exclude the types of actions listed in the form that I have just tabled?