Corporate wolves’ will exploit TTIP trade deal, MPs warned [View all]

[newthinking]

‘Corporate wolves’ will exploit TTIP trade deal, MPs warned
Commons debate told that Transatlantic Trade and Investment Partnership risks
giving too much power to big US corporations

Rowena Mason, political correspondent
The Guardian, Thursday 15 January 2015 19.29 GMT

The controversial TTIP trade deal between Europe and the US could depress workers’ wages by £3,000 a year and allow “corporate wolves” to sue the government for loss of profit, MPs have heard.

The claims were made in a highly-charged House of Commons debate, with many Conservative MPs defending the proposed Transatlantic Trade and Investment Partnership free trade deal and opposition MPs warning that it risks giving too much power to big US corporations.

Anti-TTIP campaigners claim one million people have signed a petition against the deal, mainly because of worries that it could open the door to US health companies running parts of the NHS. This has been firmly denied by the UK government and the European commission, who have said public services are explicitly excluded.

However, Labour is still worried that the proposals not do enough to protect the public interest. Many MPs have particular concerns about the investor-state dispute settlement clauses, which would give private companies the right to sue the government in international tribunals for loss of profit arising from policy decisions.

Labour MP Geraint Davies, who called the debate, urged negotiators to drop controversial clauses, insisting the judicial system in each country was sufficient protection in mature democracies. His motion called for the UK parliament to play a role in scrutinising any eventual deal, instead of it being passed exclusively by Brussels.

http://www.theguardian.com/business/2015/jan/15/corporate-wolves-warning-ttip--trade-deal