S&Ds want the investor-state dispute mechanism out of the EU-US trade and investment agreement (TTIP)
The S&D Group in the European Parliament will oppose the introduction of an investor-state dispute settlement (ISDS)* in the Transatlantic Trade and Investment Partnership (TTIP) currently being negotiated by the EU and the United States.
S&D spokesperson on trade, MEP Bernd Lange, said:
“EU Trade Commissioner Karel De Gucht today announced a public consultation on the ISDS. We welcome that the Commission is now finally taking the public criticism towards ISDS seriously.
“We believe that this mechanism is unnecessary in an agreement between two countries that fully respect the rule of law. Accepting the ISDS would mean opening the door for big corporations to enforce their interests against EU legislation. This would deprive states of crucial policy space in important fields such as health or environment.
"We don't want the Commission to improve investor-state dispute settlement in the TTIP negotiations, but we request that the Commission drops ISDS within TTIP altogether.
“The European Parliament will have the final vote on whether to approve or reject the whole agreement. So the sooner we address the shortcomings, the better. We want to have a good agreement with the US, but we won’t accept just any agreement.”
* In contrast to a state-to-state dispute settlement procedures, an investor-state dispute settlement (ISDS) is a system by which an investor can bring a claim against a state where the state is alleged to have acted inconsistently with an investment protection agreement