additional time to meet the obligations of the chapter NEW FEATURESTPP goes beyond previous agreements in addressing the distortions SOEs can cause in the market It is the first Free Trade Agreement F ID: 886280
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1 their courts with jurisdiction over comm
their courts with jurisdiction over commercial activities of foreign SOEs so that a foreign SOE operating in a TPP country could not evade legal action regarding its commercial activities merely by claiming sovere
2 ign immunity. At the same time, it inclu
ign immunity. At the same time, it includes rules requiring Parties to ensure that admin-istrative bodies regulating both SOEs and private companies do so in an impartial manner and do not use their regulatory aut
3 hority to provide prefer-ential treatmen
hority to provide prefer-ential treatment to their SOEs. additional time to meet the obligations of the chapter. NEW FEATURESTPP goes beyond previous agreements in addressing the distortions SOEs can cause in the
4 market. It is the first Free Trade Agre
market. It is the first Free Trade Agreement (FTA) to seek to address comprehensively the commercial activities of SOEs that compete with private companies in international trade and investment. Most of the key e
5 lements in the SOE chapter are new, and
lements in the SOE chapter are new, and we expect them to blaze the trail for work on this issue throughout the Asia-Pacific region. The chapterÕs commitments build on principles in the World Trade Organization (W