Countries will meet at the United Nations Commission on International Trade Law this week, in the UN’s famous New York City building, to discuss modernising the mechanism that enables foreign firms to sue governments for what they perceive as unfair policy measures that can harm future profits. This is commonly known as investor-state dispute settlement, or ISDS. The European Commission’s proposal to reform this archaic system will form the core of the discussions.
This blogpost was first published by the European Voice on 21 May 2014.Rarely have trade negotiations attracted as much attention and criticism as the Transatlantic Trade and Investment Partnership (TTIP) has over the last year. There has been no spontaneous ‘boom’ in anti-trade sentiments. Rather, this criticism is due to the overreach being attempted here. With TTIP, the EU is trying something new that goes beyond the classic lowering of tariffs – which incidentally are already low in transatlantic trade.