Stay with us on this, now - don't glaze over like the politicians do.
The WTO Financial Services Agreement is still due for Parliamentary ratification about two weeks from now as far as we know. (Have you asked your MP if he/she even knows about it?) Here are two authorities from Central Vancouver Island CoC's "Unconstitutionality of the MAI" document, researched by Tom McArthur. The same points apply to the FSA.
1. Interpretation Act, R.S.C. 1985, c. 1-21:
"42(1) Every Act shall be so construed as to reserve to Parliament the power of repealing or amending it, and of revoking, restricting or modifying any power, privilege or advantage thereby vested in or granted to any person."
2. 1991 - The Supreme Court of Canada (A-G for British Columbia and A-G for Canada; A-G for Ontario et al., Interveners; 83 D.L.R.(4th)pp 297-327, at p. 312:
"It is conceded that the government could not bind Parliament from exercising its power to legislate amendments to the Plan. To assert the contrary would be to negate the sovereignty of Parliament. This basic fact of our constitutional life was, therefore, present in the minds of the parties when the Plan and Agreement were enacted and concluded."
Some of you have seen the text of this fax, dated January 8, 1998, from the Department of Foreign Affairs and International Trade, Services Trade Policy Division (EBS):
"re: WTO financial services agreement
I am responding to your request to Andrea Lyon as to the permanent nature of the Fifth Protocol to the General Agreement on Trade in Services. The Protocol is permanent in that there is no mechanism through which WTO Members can modify or withdraw their financial services commitments (which will be annexed to the Fifth Protocol) in the future. To put it another way, the Fifth Protocol will never expire."
On the WTO web site you will find that "A total of 56 offers (representing 70 countries) were submitted by the negotiating deadline of 12 December 1997 and annexed to the Fifth Protocol to the GATS." These offers constitute what is referred to as the WTO Financial Services Agreement or Financial Services Industry Agreement.
If it isn't scary enough that this is about to be set in stone by our elected representatives, get a load of WTO Director-General Renato Ruggiero's statement about it on the web site...