MEP: Malmström must convince US to accept far-reaching reforms of investment protection

Marietje
Member of the European Parliament Marietje Schaake wants the European Commissioner for Trade, Cecilia Malmström, to convince the United States to accept far-reaching reforms of investment protection. Because of justified concerns and objections to the current system, negotiations on this issue in the context of the EU-US trade treaty have been frozen. Schaake: "It is high time the EU seizes its opportunity to act on the world stage. I expect Malmström to take a clear position in the negotiations and put firm demands on the table." Far-reaching reforms Malmström sent a proposal for reforming investment protection to the European Parliament. The current model, as EU member states have already taken up in 1,400 treaties, must become more transparent. Judges must also be more independent and under more scrutiny. Schaake: "We do not want cases within the EU such as the one that is now being brought by Philip Morris against Australia. I expect hard commitments from the Commissioner that she will make sure that policy in the public interest will not be hindered. It must be crystal clear that investment protection can only be used when a company has obviously been treated unfairly, such as through expropriation of property. The discussion on reforming ISDS should not be limited to the US. We also need solutions for all the treaties member states already have." Permanent court A number of European Trade Ministers, led by the German Sigmar Gabriel, have proposed a permanent court for investment disputes between the EU and the US. Schaake: "A permanent court is in principle a good idea, but we need more clarification. Any court can only make decisions based on whether parties are adhering to the law or a treaty, but the Ministers seem to focus mostly on the practical side of how the tribunal is organised. On top of that, a permanent court is expensive. I hope that those member states now supporting such an idea would also be ready to step in and contribute money." Malmström also wants a permanent international court. "Looking for global solutions is always preferable. We need more support from other countries. The EU should show leadership to set up a worldwide mechanism of fair trade and investment rules, as well as the resolution of conflict," says the MEP.
See also: 20-03-2015 MEP: Member States must actively facilitate informed TTIP debate 29-01-2015 ALDE MEP Marietje Schaake respons to Commission transparency proposal for ISDS 13-01-2015 MEP: Commission must show more ambition after results ISDS consultation 07-01-2015 Marietje Schaake responds to publishing TTIP documents