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The UK will benefit from the proposed EU-US trade and investment agreement, but more transparency is needed to help address public concerns.
The UK will greatly benefit from closer economic ties with the US, via the proposed EU-US trade and investment agreement Transatlantic Trade and Investment Partnership (TTIP), but more transparency is needed to help address public concerns, Secretary of State for Business Vince Cable will tell EU Trade Commissioner Cecilia Malmström.
In a meeting in London today (16 February 2015) Vince Cable and UK Trade Minister Lord Livingston will ask Commissioner Malmström to give senior UK parliamentarians access to TTIP treaty text as it is developed, so that they can monitor progress and ask questions on the public’s behalf.
In addition the UK government is to offer to make other key documents relating to the progress of the negotiations available to all UK MPs and members of the House of Lords, ensuring that they have the same access as Members of the European Parliament to view EU-authored TTIP negotiating materials. This new offer of access follows Brussels’ recent moves to publish hundreds of pages of previously-restricted material.
Vince Cable said:
I dislike the level of secrecy that has surrounded the transatlantic trade deal so far and can completely understand why some people are worried. I have met many campaign groups over the last 9 months to discuss this and taken on board many of their concerns. I will be working to ensure all British interests are protected and that the deal can be properly scrutinised.
Where our interests are not harmed by disclosure, then disclosure must take place. At the moment people in Britain with questions about what is on the negotiating table for TTIP think that Europe and the US have something to hide. This is not the case. I have been pushing for as much of the negotiation as possible to be done out in the open.
We must also clearly demonstrate that the NHS and our public services are protected as a priority. The EU has recently given us very strong assurances that TTIP would not in any way endanger them. I want to see that reflected in the treaty drafting.
As with the NHS, our high standards when it comes to the environment or food are not up for negotiation. If we can recognise mutually high standards with the US we will do so. But where we can’t, US businesses will have to raise their game to meet our higher standards, not the other way around.
I want to tighten up the Investor-State Dispute Settlement (ISDS) clause proposed for the treaty. Some people fear that investors could sue us for losses and win if the government takes a decision - on health, the environment or consumer safety – in the wider public interest. We must demonstrate clearly that this could never happen.
European Trade Commissioner Cecilia Malmström will meet Vince Cable and Lord Livingston whilst visiting London to talk about the TTIP agreement with political and business leaders and the public.
Notes to editors
- The Transatlantic Trade and Investment Partnership (TTIP) is a free trade agreement currently under negotiation between the EU and the USA.
- TTIP will directly benefit the consumer by widening the range of products available. It will also reduce trade costs, leading to cheaper goods, and increase job opportunities and wages. The average household will benefit by as much as £400 a year.
- The US is the largest export market for British goods and services outside of the EU. A successful TTIP could eventually boost the UK economy by as much as £10 billion each year.
- As much as £1.6 billion goods and services are traded between the US and Europe every day – to which 13 million jobs are linked. TTIP will benefit the EU economy by up to £100 billion.
- TTIP will benefit small businesses who will find it easier to export because of reduced regulatory burdens and tariffs, smoother customs processes and access to US public procurement markets.
- TTIP will make it easier for business in the EU to access a market of more than 300 million American consumers.
- For more details on the TTIP see Transatlantic Trade and Investment Partnership (TTIP).