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Malmström’s Proposals are only tinkering at the edges of ISDS – Matt Carthy MEP

6 May, 2015 - by Matt Carthy MEP

Commenting today on the concept paper presented by European Trade Commissioner Cecilia Malmström to the European Trade Committee for discussion, Sinn Féin MEP for the Midlands North West Matt Carthy has stated that the Commissioner has refused to listen to the wishes of the European people.

Carthy said:

“The views of the people of Europe with respect to ISDS could not be clearer – 97% of all respondents in the largest ever public consultation held by the European Commission have stated their complete opposition to the inclusion of an Investor State Dispute Settlement in the TransAtlantic Trade and Investment Partnership (TTIP).

“Instead of listening to the express wishes of the people and, more importantly, giving effect to those wishes, the Commissioner has instead proceeded to tinker around the edges of ISDS in a dogged effort to push this trade agreement through the European Parliament.

“ISDS fundamentally threatens sovereignty and democracy – it gives the powerful and elite of the corporate world access to legal remedies not available to citizens or their Governments.

“The European Commission has failed to understand the very clear and simple message that they have been given by the people – the people do not want ISDS to be reconfigured – they want it dropped.

“The Irish Government must also realise that there is no advantage to be gained from supporting an ISDS mechanism. Ireland is currently the 11th largest host of Foreign Direct Investment in the world with a quarter of this coming from US investment.

“Given our very successful track record in attracting foreign investment from US companies to date without an ISDS mechanism, due to our skilled and educated workforce, why is the Irish Government in such a rush to give away power to international investors when it is clearly not necessary?

"Sinn Féin will not support any trade agreement which contains an ISDS mechanism, no matter how much it is watered down and it is my view that the Irish Government and the European Commission must make the exclusion of ISDS a red line issue upon which the continuation of TTIP negotiations depends."ENDS

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