Mr. David O'Sullivan:

The Senator has raised a number of points. On the chill effect, we are not operating in a vacuum. The bilateral investment treaties have been there for many years. The investor-state dispute settlement system has been in place for 30, 40 or 50 years. I have never heard the argument, certainly not from Governments I have been dealing with, that they feel this is a constraint on their right to regulate. I have never heard this-----