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I think it risks to harm everyone. At least based on the EFF's analysis since IANAL.

It sounds like this will make it easier for corporations to extort signatory countries.

As I see it, it will probably promote patent trolls, draconian copyright laws that will be extremely favorable to corporations, etc.

This is really not good at all.

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If it is so bad then why is the EU signing on?

Exactly, Canada(my native country) has already signed, any Canadian citizen that is aware, is opposed. We also have a bill currently tabled in Canadian parliament called Bill C-51 which is an absolutely absurd piece of legislation, it will effectively muzzle all lawful protest in Canada because it will allow the government to deem a project "critical infrastructure" at will and anyone protesting then falls under the blanket definition of terrorist and can be detained for up to a year without access to legal counsel. At the same time they are introducing changes to informant protection laws that will allow them to literally enter evidence from completely anonymous sources i.e. completely fabricated lol. Sadly we no longer practice democracy in my country.

Same reason as America: it's all being done in secret, in Brussels, and the national governments are not being consulted, let alone (ha ha!) the public.

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