The proposal is described in Tom Fairless’ piece in The Wall Street Journal. I want to focus on a couple of comments in that article, though.

Campaigners [for the proposed new trade settlement court] claim that the current system constrains governments and leaves policy makers vulnerable to legal proceedings from overseas investors.

Kind of like those impertinent American companies do with the US government.

And

[O]pponents [of the existing trade settlement system] warn that large US companies could use the dispute-resolution mechanism to challenge European laws and regulations on labor, food and the environment.

As a matter of principle, what’s the downside of either of these?

Only Big Government proponents fear government being held to account by its…lessers.