E U To Push TTIP Trade Deal Before Obama Leaves Office
TTIP, the Trans Atlantic Trade And Investment Partnership is being promoted bt the US government and the EU Commission as a free trade deal that will create thousands of jobs and bring economic benefits to partners. It's critics however claim it is a blatant attempt to shift power from national governments to corporate business.
Treaty will let corporations bypass national law
As most of the media currently squabbles about David Cameron's 'deal' with European Union leaders to obtain better terms for Britain's membership of the wannabe Federal European Superstate, the political establishment see another 'good day to bury bad news' opportunity.
The bad news (for us punters, it's great for bankers and corporate business, as Germany's Die Welt English Edition reports) is that the EU bureaucrats intend to push through the 'free trade' deal with the USA, the Trans - Atlantic Trade and Investment Partnership before Barack Obama, whose neo - con administration are the main supporters of the treaty that will create an environment that is anything but free.
The Investment part of TTIP you see, will give corporate business the ability to sue the elected governments of sovereign nations and thus overturn laws their lawyers feel will inhibit the businesses ability to 'protect its investments' (make profits). As most corporate profit these days is derived from the plundering of government funds you can see why this promises to be bad for working people on several levels.
Under the TTIP jurisdiction, although existing laws could not be overturned, any news laws or amendments to take account of changing conditions would enable the whole law to be attacked. Thus laws pertaining to worker's rights, minimum wage levels, equal opportunities and consumer rights would be vulnerable. And inevitably power would shift from elected representatives to global businesses and corporate lawyers. The treaty, much of which has been kept secret, would also threaten Europe's socialised healthcare systems.
While the EU and The White House maintain TTIP could deliver economic benefits of more than $100 billion for both economies, many senior politicians, trade union leaders and finance experts believe it will cost thousands of jobs, facilitate the dumping of cheap goods from low labour cost economies and exert downward pressure on earnings. There is also concern about the effect on democracy.
Time is running out for the TTIP trade treaty, in the USA presidential hopefuls Bernie Sanders and Donal Trump are against it but for very different reasons, ciovil and human rights groups and labor unions oppose it, while in Europe, small business associations, unions and civil rights groups as well as politicians of right and left are doing all in their power to block the passage of the treaty into law.
“We have to be approaching the endgame by the summer,” European Union Trade Commissioner Cecilia Malmström told a press conference following a meeting of EU trade ministers. Further talks will be held in February, April and July, with a view to having a consolidated text on almost all issues, leaving out the most sensitive topics such as agricultural quotas.
In February, the partners will discuss the services sector, opening up public tenders and the European Union’s proposal for a new court to settle disputes between investing companies and states, one of the most controversial parts of a would-be deal.
Investor-state rules aim to protect foreign companies from unfair treatment by host governments and provide compensation if assets are appropriated or profits are affected. The EU’s idea of a new court is designed to answer critics who say the private (i.e. US dominated) arbitration system gives multinationals the ability to usurp national government.
The commissioner also stated a slimmed down deal, an option leaders of some EU member states have suggested in case talks become deadlocked will not be considered.
"Everything is interlinked, you can’t really take out this part and deal with it later," she said.
I will probably be writing more on this in the coming weeks and months.
Europe seems disunited compared to the US
Controversial TTIP (Global Tyranny) Legislation Held in ‘Secure’ Room to Avoid Leaks
More Truth About Undemocratic TTIP