#LIMBO 2015 FULL#
However, the resolution is due to be put to a full plenary vote in the European Parliament in June.
MEPs seemed unimpressed with the Commission’s proposal, but they did in the end give it qualified support. In parallel, the EU has called for the establishment of a permanent multilateral investment court with tenured judges, who would replace the bilateral mechanism over time. That involves the appointment of permanent arbitrators, with similar qualifications to those of national judges, and the introduction of a bilateral appeal system. To ease such fears, the Commission proposed steps that can be taken to transform ISDS into a system which functions more like traditional courts. Thirteen parliamentary committees have given their opinion on TTIP: 5 voted against ISDS, another 5 did not mention in the midst of growing public outcry against enabling corporations to use extra-juridical tribunals to challenge state authorities and national laws. “Nevertheless, we stress that these reforms are clearly insufficient to close the loopholes,” the paper read. The debate is expected to take place within S&D national delegations.Īnalysts fear that a resolution rejecting ISDS might reopen the Pandora’s Box of the EU-Canada trade deal (CETA), which includes a ‘reformed’ ISDS clause.īut in its March position, the S&D underlined that for CETA, the situation is different compared to TTIP, as the negotiations have been concluded already. If not, MEPs might break the ranks of their political groups and vote along national lines. But the coming days will likely be a race against the clock to create a compromise. > Read: Green-Socialist coopeation strained over TTIP The S&D has joined forces with the Greens, who criticised the Socialist MEPs for having rowed in behind the centre-right last week, and ensured a tame and sanitised outcome, instead of voicing the growing concern among the European public over ISDS. He insisted that the right of governments to regulate in the public interest must be “unambiguous, and the principle of equal rights between national and foreign investors must be safeguarded”.
Both the United States and the European Union have reliable national courts which should be the regular procedure to solve any dispute,” said MEP David Martin, the S&D spokesperson on trade. “The S&D Group will not accept any kind of private arbitration. Last week (28 May), after a fierce horse-trading between political parties that went into late into the night, the European Parliament’s Committee on International Trade adopted a non-binding resolution that gave the go-ahead to the European Commission on the EU-US trade agreement, conceding that a controversial Investor-State Dispute Settlement, albeit reformed, would remain part of the deal. Next week’s vote on the Transatlantic Trade and Investment Partnership (TTIP) is in question, after the Socialists and Democrats backed down from a deal with the European People’s Party.Īt their meeting in Brussels on Thursday (3 June) the S&D group in the European Parliament reasserted their initial position, adopted last March, to exclude an arbitration clause from the deal.