Transatlantic Trade and Investment Partnership

Dáil Éireann Debate, Tuesday - 31 March 2015

Tuesday, 31 March 2015

Ceisteanna (300)

Michael Fitzmaurice

Ceist:

300. Deputy Michael Fitzmaurice asked the Minister for Jobs, Enterprise and Innovation further to Parliamentary Question No. 299 of 3 February 2015 and the reply to the Ceann Comhairle subsequent to this Deputy's appeal under Standing Order 40A, and notwithstanding current or future consultations or negotiations which may or may not be under way, if he will provide the Government's current position with regard to the investor-state dispute settlement mechanism, as currently envisaged in the proposed Transatlantic Trade and Investment Partnership, for the record of Dáil Éireann; and if he will make a statement on the matter. [12676/15]

Freagraí scríofa

Minister for Jobs, Enterprise and Innovation

At the launch of the study carried out by Copenhagen Economics on the impact of TTIP in Ireland in Dublin Castle last Friday, 27 March, the EU Commissioner for Trade, Cecilia Malmström acknowledged that some people are worried about investment protection and investor-state dispute settlement. The Commissioner indicated that there is, nonetheless, a rationale to investment protection. By lowering the risks of expropriation or discrimination, it gives investors reassurance and therefore encourages them to invest, meaning more growth and jobs. The Commissioner emphasized that the EU wants to reform the investment agreements used in the past, and that the TTIP is a key step in that process. The features of a new investment arbitration system that the Commissioner is currently considering include fully independent arbitrators, a proper appeal system, clear rules to prevent companies from trying to get around domestic legal systems, and an unambiguous statement that governments have the right to make policy in the public interest.

The ideas set out by the Commissioner seem reasonable. The Commission has not yet made any formal proposals, but I am open to considering proposals that can achieve a reasonable and workable arbitration system that address the shortcomings identified in existing Agreements and which have given rise to concern.