S&Ds push through the new investment protection system in the Canada trade agreement
The Socialists and Democrats in the European Parliament welcome the announcement made today by the European Commission and the Canadian government on the changes in the trade agreement between the EU and Canada (CETA) so as to include the S&D demands.
Following strong pressure from the Group S&D to put an end to the current investor-state dispute resolution system (ISDS), the Commission has taken up our demands and reached a deal to include a more democratic and transparent system in the CETA. This trade agreement is still pending ratification, and it requires the consent of the European Parliament.
David Martin, the S&D spokesperson on trade, said:
"We still have to see the details, but this is very good news and a success for our group. This is the first step to renew and modernise investment protection clauses in trade agreements between democratic states with a well-functioning legal system."
"We have called for a public and transparent system, and this is what we expect to see. We want to continue with a loyal and productive dialogue with our Canadian partners."
S&D MEP Sorin Moisa, who is responsible in the Group for the CETA agreement, added:
"I take pride in having contributed to this achievement, on behalf of the S&D Group, by working closely with our EU Trade Commissioner, Cecilia Malmström, and her Canadian counterpart, Chrystia Freeland, to remove the last thorn in the side of CETA by genuinely heeding civil society concerns and doing away with ISDS."
“A permanent Tribunal with public judges and randomised allocation of members for each case, a permanent Appellate Tribunal, a code of conduct enforceable by the President of the International Court of Justice, an article on preserving the right to regulate: this is not tinkering around the edges, this is a complete paradigm change."
“I also welcome the commitment to set up a permanent international multilateral court that will replace the bilateral court once established. We can now focus on the merits of CETA in its entirety and on the future of EU-Canada relations. I will spend the coming months making the case that CETA deserves the blessing of the European Parliament."