EU’s chief TTIP negotiator, Ignacio Garcia Bercero, argues that the main objective of the deal is compatibility of standards and the conclusion of the agreement will entail public consultation with “all stakeholders needed – not only industry, but for instance also consumer groups when necessary“.
Advertisement
While the best centre-right biased staff in the European Parliament dreams of a United states.S. trade deal could be pro-business, the Greens plus some far-left and far-right look at it as likely tends Ecu freedom and Ecu legalities.
The European Parliament had been split on the idea of having private arbitration for investors to settle disputes.
The European Parliament on Wednesday agreed the terms for negotiation with the USA over the Transatlantic Trade and Investment Partnership.
This system should be “subject to democratic principles and scrutiny”, in which cases are handled “in a transparent manner”, by “publicly appointed, independent professional judges” and “in public hearings”.
An ISDS clause could allow foreign investors to use arbitration panels instead of domestic courts to make claims against a national government when an investment is harmed, for example through expropriation.
“What citizens refuse (reject) is that as a result of a trade agreement, legally and democratically adopted laws and binding standards could be undermined by arbitration”, Schulz said in Strasbourg in a news conference ahead of the vote.
“We’re putting up a fight to see to it that this is a good agreement”, Bernd Lange, head of the European Union Parliament’s trade committee, said last month when the ISDS issue was so divisive that the assembly unexpectedly postponed its vote on the resolution.
The resolution aims to outline parameters for negotiation and tomorrow’s vote is not on whether TTIP itself should be accepted. The 10th round of TTIP talks, since they began in 2013, are due to open Monday in Brussels.
The European Parliament must approve any final accord.
Advertisement
The European Commission, the EU’s executive arm, a year ago suspended talks on ISDS with the U.S.in a bid to allay concerns in Europe about the matter.
