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TTIP: A Shot in the Arm for Global Traders

01/07/2015

By James Tumbridge, Head of the Intellectual Property and Litigation department in the London office at Pillsbury Winthrop Shaw Pittman LLP


Should businesses fear TTIP?

Talks are underway between the US and the EU to establish a Transatlantic Trade and Investment Partnership (TTIP). With the deal facing obstacles in the US Congress as well as a growing attack in Europe, businesses leaders might be forgiven for wondering whether TTIP is worth all this bother.

A golden opportunity for exporters

Sadly there are huge inaccuracies being reported in Europe around TTIP’s potential down sides: It’s been described as a ‘Trojan horse’ for corporations, just a way to claim damages if a Government stops them doing business. Fears are raised of countries the world over, being sued and losing huge sums, to these terrible faceless ‘corporations!’ Frankly, such hyperbole is misleading. The reality is that TTIP is about creating jobs and growth in the Western Economies that are still recovering from the 2008 global financial crash.

TTIP at its heart is about free trade and it will give European businesses a better path to success in the USA.

Government disputes under TTIP

Much of the concern with TTIP has been over the Investor-to-State Dispute Settlement (ISDS) procedures. ISDS arbitration is a system of international arbitration designed to protect foreign investors from discrimination or unfair treatment by Governments. ISDS arbitration is a process under which a company can make a complaint against a Government. This can lead to compensation being paid to the investor who has, for example, had their property confiscated. It is not of itself a right to compensation. It is a process under which a company can make a complaint against a Government. It is too easy to forget that in some parts of the world, the... continued on page two >

 

 

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