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Lynn Boylan MEP calls for suspension of TiSA negotiations

3 February, 2016 - by Senator Lynn Boylan

Sinn Féin MEP for Dublin Lynn Boylan has called for a suspension of the Trade in Services Agreement currently being negotiated between the EU, the US and 23 other countries. Ms Boylan was speaking as Sinn Féin MEPs voted against a report on TiSA in the European Parliament in Strasbourg today.

The Sinn Féin MEP said: “The TiSA agreement will create an international legal regime which aims to deregulate and privatise the supply of services. Services now account for the majority of the economy across TiSA states. 

“The TiSA is a crucial part of the ‘new generation’ of so-called free trade agreements which includes the Trans-Pacific Partnership (TPP), the Trans-Atlantic Trade and Investment Partnership (TTIP), and the EU-Canada Comprehensive Economic and Trade Agreement (CETA). 

“Together these agreements, if signed and ratified, will result in a historic and unprecedented transfer of political and policy-making power to multinational corporations.

“The negotiation process for all of these agreements has been highly secretive – a fact that is unacceptable to Sinn Féin given the significant impact these agreements will have on the economy and communities in Ireland.

“Our concerns about TiSA include the lack of transparency in the negotiations; the negative impact it would have on workers’ rights; and the accelerated privatisation of public services it would result in.

“But of particular concern to us is the impact that TiSA may have on the financial services sector. From what we have seen in leaked negotiation texts published by Wikileaks last year, TiSA may require states to stop and reverse the financial regulation measures put in place in the wake of the 2008 financial crisis.

“It is clear from the leaked TiSA Annex on Financial Services that TiSA’s extreme deregulation agenda would apply to virtually the entire financial sector. 

“That means governments would be forced to deregulate banking, derivatives, insurance, stocks and bonds, foreign exchange, credit cards, financial data processing, credit-rating and other financial services. If a state refuses to conform to TiSA rules it would face trade sanctions. That is a recipe for disaster.

Ms Boylan continued: “The report we voted on today aimed to provide direction to the European Commission in negotiating the text of this agreement. Sinn Féin and other left MEPs voted against the report as it essentially endorsed the TiSA negotiations. In our view, the EU should immediately withdraw from the TiSA negotiations as Uruguay has done.” ENDS

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