January TTIP update: Labour MEPs lead efforts to ensure public concerns on ISDS are addressed
Posted: Friday 30 Jan 2015
Through my newsletter I have been keeping readers updated with the Transatlantic Trade and Investment Partnership (TTIP). This month, Labour MEPs have called on the European Commission to come up with alternatives to the inclusion of Investor State Dispute Settlement (ISDS) in TTIP, following its response to a Europe-wide public consultation.
Though the Commission did acknowledge major concerns regarding its proposals for ISDS in the framework of TTIP, the EU-US free trade deal currently being negotiated, it did not propose an alternative mechanism to address the shortfalls it identified.
Labour MEPs also expressed reservations on the Commission's intent to offer solutions in a timely fashion. The Commission has announced its plan to reform the EU's ISDS model. However, without any commitment on a timetable or policy process, this announcement is simply not credible at all. Again, this is not the way we expect the new Commission to go about its business - this is not a Commission listening to the European public. The Commission has been clearly presented with citizens' concerns but it is still very slow to react. It launched a civil society consultation process on ISDS to which more than 150,000 stakeholders replied. Commissioner Malmström has rightly identified the problems of ISDS, but not yet provided adequate solutions.
Labour MEPs are open to looking at real improvements, but so far the potential dangers outweigh the benefits of ISDS. If the Commission is not serious about a thorough reform, it would be best to withdraw ISDS altogether
Posted by: Admin on Friday 30 Jan 2015
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