>When my nation decides to reduce smoking in the population by significantly increasing the taxes on cigarettes, companies in other countries that want to sell cigarettes here can go get stuffed.

Cool. You and the TPP are in agreement then.

>Why should a foreign company decide what is and isn't legal in my country?

It shouldn't, beyond the general representation it's due. I'm not sure where you're getting this idea that corporations would have carte blanche to dictate laws from. Certainly not from reading the actual agreement.

What is covered by the mechanism is pretty simple. You can't regulate foreign owned companies differently from domestic ones. You can't appropriate funds or capital or freeze accounts without due process. You can't deny access to local courts.

And that's about it. What's more, your suit can be thrown out if there is a public health, art, indigenous culture or a number of other concerns (this is dependent on country). Tobacco companies are banned wholesale.

Yes, tobacco is explicitly excluded because it was foreseen what would happen if they weren't. People went to the mat to exclude it specifically. Why would tobacco companies have to be specifically excluded if the TPP didn't offer a mechanism for such abuse? What prevents other industries from using those mechanisms?

You are indeed correct in that I haven't read the 2700-page document. And to be frank, I highly doubt your own claims that you read it twice. I also doubt the characterisation of this extraordinarily lengthy document argued between multiple countries for the better part of a decade as "pretty simple".

95% of the bulk of the document is endless tariff elimination tables. I hope you'll forgive me that I glossed over them. If you're concerned about the ISDS mechanism the relevant parts are in Chapter 9, with some exceptions listed in Chapter 29.

Regarding the tobacco exclusions, it seems punitive to me, they were definitely being bad actors under previous ISDS mechanisms. You're right, though, the public health interest carveouts in the TPP's ISDS implementation (based on a recent Canadian BIT) would provide sufficient tools to allow unfettered regulation without needing to ban them wholesale. These carveouts were not present in the BIT in the PM vs Australia case, for example.

So why were tobacco bad actors? In the Australian case, they launched a suit claiming that by enforcing plain packaging Australia was in essence, appropriating their brand, packaging and associated goodwill. You may think they shouldn't win this argument, I may think they shouldn't win this argument, but regardless, they deserved to have their case heard fairly. They of course lost with costs.

The problem was that PM also quite likely believed that they wouldn't win, and was instead using the process to delay plain packaging legislation in other countries such as Ireland who were waiting on the case results. This would be a clear cut case of abuse, and participating in poor faith.

As per what would prevent other companies from attempting the same thing? Fear that the same thing would happen to them. Because of likely abuse of the ISDS system, tobacco would now have no international recourse whatsoever if governments flat out nationalize their factories.