Transatlantic Trade Investment Partnership:
Currently in the world of investment and trade their is four major agreements under discussion and one awaiting approval by the European Parliament and European Council called -- Comprehensive Economic Trade Agreement (C.E.T.A.) between the E.U. and Canada. See full list here.
We are focusing the following pages on Transatlantic Trade Investment Partnership (T.T.I.P.), which was previously called Trans-Atlantic Free Trade Agreement (TAFTA). Negotiations basically take place behind closed doors away from public discussion or debate yet the consequences are huge for all workers, their rights, our public services and the environment. It is ironic that multinational corporations can sue governments and citizens as what happened in Canada with a Fracking company (See below -- Point 1 Weaker Governments).
Concerns with T.T.I.P.:
|List of Agreements|
|What is T.T.I.P.|
|What is up for grabs|
|Important Facts about the Agreement|
List of Agreements:
- Trans-Pacific Partnership (T.P.P.) which involves the U.S. and a number of Pacific Nations
- Trade in Services Agreement (T.I.S.A.): Is negotiations going on between twenty three groups including U.S. and E.U. it aims to loosen global trade in services such as banking and transport etc,.
- Comprehensive Economic and Trade Agreement (C.E.T.A.): Is a free trade agreement between Canada and Europe: This agreement was signed by the Canadian Government and European Union leaders on September 26th 2014.
It currently awaits approval by the European Council and the European Parliament. If agreed it will become legal and in 2016 ninety-eight percent of tariffs between the parties will no longer exist.
N.B. It is a Canadian company Enegi Oil who has “Exploration License for Shale Gas” for 500 sq km in the Clair Basin.3
- Transatlantic Trade Investment Partnership (T.T.I.P).
We at W.E.G. will lobby all our E.U. Minsters to Vote No to all of the above.
What is Transatlantic Trade Investment Partnership (T.T.I.P.)?
It is an agreement between the European Union and the United States. It involves reducing barriers of trade and reducing tariffs so that multi- nationals and corporations can trade more effectively. The promoters say that this is good for all in the long-term? This is widely disputed around the globe.
What Is Up For Grabs:
Countries will be prevented from the privatisation of their current Public Services -- so we could be forced to privatise our
Important Facts about the Agreement:
If an investor/company says it is loosing profits because of a law within a country the can file a suit against that countries government and citizens for loss of profits due to their laws. You don't think this is true, that is exactly what happened in Canada...
The residents of Quebec voted by referendum to protect is environment from Fracking. The Fracking company -- Lone Pine Resources then sue the Canadian government for $250 million (€191 million) in damages.4
The Slovakia government was successfully sued for €2.5 million for imposing regulations on Private Health Insurance Companies.
Vattenfall a Swedish Energy Corporation is suing Germany for €3.7 billion for lost profits -- because the German Government decided to phase out nuclear energy. The same company had earlier sued the city of Hamburg because they considered their environmental standards for coal power plants to be overly strict.
Ecuador had to pay $1.77 billion to U.S. oil company 'Occidental' after their government decided to terminate a contract.
Can be seen as a barrier to an investors profits hence they can seek to reduce their salaries to be more competitive with other nations. Resulting in weaker trade unions. They can also seek to weaken other laws that might already be in place such as health services, environmental laws etc.John Hilary, executive director of War on Want, points out, “companies will be encouraged to source goods and services from US states where labour standards are lower and trade union rights are nonexistent”.
The promoters of T.T.I.P. (and N.A.F.T.A. at the time) said their will be economic growth, prosperity and jobs. But in reality the opposite has happened....
Experts estimate that N.A.F.T.A. was the cause for the loss of 700,000 jobs in the U.S. and massively increased poverty in Mexico.
A European Study by the Centre for Economic Policy Research (C.E.P.R.) estimate that T.T.I.P. will cause the loss of one million people to loose their jobs in the E.U. and the U.S. combined.
“Barack Obama promised that the US-Korea Free Trade Agreement would increase US exports by $10bn. They immediately fell by $3.5b. The 70,000 jobs it would deliver? 40,000 were lost.
Bill Clinton promised that the North American Free Trade Agreement would create 200,000 new jobs for the US; 680,000 lost.
TAOISEACH ENDA KENNY has said that the proposed trade deal between the European Union and the United States could mean thousands of jobs for Ireland if an agreement is reached in the coming years.
Through the agreements they have decided to set up an Obituary Court System which will consist of three attorneys and their decision is binding under law.
According to researcher Kenneth Harr 'business groups will be sitting at the table with the regulators to essentially correct the legislation'. How is this done according to a leaked document the E.U. will commit to a 'Regulatory Cooperation Council'. Leaving business to input on existing and future legislation.
When the E.U. was asked whose input was used for the first two consultations on the proposed EU-US deal they replied "that 65 percent of the information came from companies and industry associations".
The aim is to standardise regulations as much as possible, with, the UK and German governments seeking relaxation of US financial regulations introduced in the wake of the financial collapse, while American companies will demand access to European healthcare markets.
The T.T.I.P. it is not all about reducing trade barriers it should be understood also that this is only a small part of their agenda. Multinationals Cooperations is to secure increased protection of patent and copyright laws. Tariffs and quotes might raise the price of items by 20 - 30 percent while patent and copyright protection can raise prices of items by 2,000 or even 20,000 percent e.g. drugs that would sell for a few dollars per prescription in a free market could sell for hundreds or even thousands of dollars if a drug company is given a patent monopoly of that drug. Their is more than monetary cost -- people and families health will also be put at risk as healthcare will be to expensive for the majority in these countries in which their governments have signed the agreements.
In the official document outlining TAFTA, the Obama administration has made clear that TAFTA will not primarily target trade, but "behind-the-border" policies such as health, environmental and financial protections. U.S. and EU corporations call these safeguards on which we all rely "trade irritants," and have asked that they be eliminated via TAFTA:
Current Trade Agreements :
1.3 million European workers would lose their jobs as a result of the labour displacement arising from TTIP under the European Commission’s preferred ‘ambitious’ outcome, and that over 680,000 European workers would lose their jobs even under a less ambitious outcome.
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