Sir, – We are in a brief hiatus in the ongoing negotiations between the EU and US on the TTIP (Transatlantic Trade and Investment Partnership).
In official EU circles it is painted as an opportunity to improve efficiencies between EU and US markets through alignment of regulatory bureaucracy. The advocates promise significant increases in GDP, jobs and standards of living. If the results of previous trade agreements such as the North American Free Trade Agreement (Nafta) are anything to go by then ordinary citizens can look forward to job losses, wage stagnation and degradation in public services through exploitative privatisation. Corporate interests were well served by Nafta and no doubt will be well looked after with TTIP. Thus of more than 560 lobbying encounters with the TTIP, approximately 92 per cent were from business lobbyists.
One of the most controversial aspects of the proposed agreement is the concept of ISDS or investor state dispute settlements, the inclusion of which is still in the balance despite recent declarations by Jean-Claude Juncker.
This would allow for corporate interests to sue host countries if, for example, a democratic decision were made to reverse a policy of privatisation of public services. These negotiations are being run by unelected technocrats, under the influence of corporate lobbyists and with little visibility to ordinary citizens for whom the impact will be most significant. What little protections there remain for public services and worker rights within the EU would be in serious danger if TTIP goes ahead.
This agreement, like those before it, merely facilitates the growing global corporate hegemony at the cost of democratic sovereignty. Unlike previous EU treaties there will be no referendum, but the impact of this agreement may be more far-reaching than any previous EU treaty. Increased public awareness and debate on this issue is vital now before any deal is ratified. – Yours, etc,
BARRY WALSH,
Blackrock,
Cork.