WASHINGTON, D.C.- The following statement was issued by Kevin Brady (R-TX), Ranking Member of the House Ways & Means Trade Subcommittee, in response to news of the U.S. victory in the NAFTA investment case filed by Glamis Gold Ltd:
“The State Department’s complete victory in the Glamis Gold case shows us once again that those who oppose trade and foreign investment are on the wrong side of the facts. This decision highlights the perfect record of the United States in defending investor/state arbitrations under NAFTA. The investment provisions in our trade instruments protect U.S. investment abroad, which provides a critical boost to the U.S. economy. And the recent decision is further proof that critics are wrong. These provisions preserve the ability of the United States to regulate for the environmental interest.”
Background: Glamis Gold Ltd., a Canadian mining company, filed a $50 million NAFTA arbitration claim in 2003 against actions taken by the Department of the Interior (DOI) and the State of California. A three-member NAFTA arbitration tribunal rejected the claim and ordered Glamis Gold to pay for two-thirds of the arbitration costs.
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