After months of wrangling and horse trading, the European Parliament finally passed a resolution on the secretly negotiated EU-US trade deal, the Transatlantic Trade and Investment Partnership (TTIP). The reason it had taken so long was that the President of the European Parliament, Martin Schulz, decided at the last minute and in time-honored fashion to postpone the original vote, scheduled for June 10, when it became apparent that a majority of MEPs might actually reject the bill (read: Democracy on Hold: President of European Parliament Suspends Vote on Secretive U.S.-EU Trade Pact as Tide Turns Against It).
The biggest thorn of contention is the Investor State Dispute Settlement (ISDS) clause, which would effectively allow corporations to bypass national court systems and sue governments in private arbitration panels if they felt that a particular law or regulation threatened their bottom line. Put simply, it is what gives trade treaties their razor-sharp claws and canine teeth.
Although ISDS has been in existence since the 1950s, it has only been in the last 15 or so years that corporations have really begun making the most of it. As the United Nations Conference on Trade and Development (UNCTAD) notes, foreign investors have mostly used ISDS claims to challenge measures adopted by States in the public interest (for example, policies to promote social equity, foster environmental protection or protect public health):…Wolf Street
Today It’s Brussels’ Turn to Tighten the Noose on EU Citizens
Don Quijones
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