T-Tip Free Trade Agreement

The agreement has been criticised and rejected by some trade unions, charities, NGOs and environmentalists, particularly in Europe. [14] The Independent describes the frequent criticism of TTIP as “reducing regulatory barriers to large companies, food security, environmental legislation, banking regulation and the sovereignty of individual nations”[16] or more critical as an “attack on European and American companies by transnational groups”. [16] The Guardian criticized the “undemocratic nature of closed-door talks,” “the influence of powerful lobbyists,” TTIP`s potential ability to “undermine the democratic authority of local authorities”[17] and called it “the most controversial trade agreement the EU has ever negotiated.” [18] German economist Max Otte argued that TTIP would have a negative impact on European social models if it put European workers in direct competition with the Americans (because of the North American free trade agreement with Mexicans and Canadians. [19] An EU mechanism for direct democracy, the European Citizens` Initiative, which allows European citizens to directly ask the European Commission to propose a legislative act[20] has garnered more than 3.2 million signatures against TTIP and CETA in the space of a year. [21] [22] A project for the sustainable development section of TTIP was sent to the Guardian in October 2015. A French lawyer invited to comment on the document described the proposed environmental protection measures as “virtually non-existent” in relation to investor protection and, according to Friends of the Earth Europe, 60% of the 127 ISDS cases against EU countries in the past two decades under bilateral trade agreements were environmentally related. [105] According to Joseph E. Stiglitz, TTIP could have a “chillende” effect on regulation, undermining “the urgent climate change measures required by the Paris Agreement.” He says that industries that do not bear the “social cost” of pollution do receive hidden subsidies and that TTIP would give companies much more opportunities to sue governments for environmental protection mechanisms. [106] Economic barriers between the EU and the US are relatively weak, not only because of long-standing membership of the World Trade Organization (WTO), but also because of recent agreements such as the EU-US Open Skies Agreement and the work of the Transatlantic Economic Council. The European Commission says the adoption of a transatlantic trade pact could boost overall trade between the various blocs by up to 50%.

[23] The economic benefits of a trade agreement were predicted in the joint report of the White House and the European Commission. [24] Currently, more than 2,000 FIPAs have been signed between developed and developing countries. Germany has 132 bilateral investment agreements in force. This allows critics of the TTIP ISDS in Germany to argue that it is an unnecessary instrument without taking into account the need for other EU Member States and the improvement it represents over other existing bilateral agreements.

About danialrowe