Published: Wed, 06 May 2015
MEP Seán Kelly has welcomed today’s announcement by the EU’s Trade Commissioner Cecilia Malmström who has called for the establishment of an International Court dealing with investor dispute cases in the context of TTIP (Transatlantic Trade and Investment Partnership) between the EU and US.
Presenting to the International Trade Committee, of which MEP Kelly is the only Irish member, the Commissioner confirmed that an International Court ‘ruled by law and not lawyers’ will form the basis for Investor to State Dispute Settlement (ISDS) system and ensure fair treatment and proper regulation for both our investors and governments. Mr. Kelly called on the Commission to take Ireland into consideration as a logical location for the Court.
“Ireland is the most “Transatlantic” of our European Member States. We enjoy a close and long lasting relationship with the US and, from a geographical point of view, Ireland would certainly be a perfect location for such a Court. Furthermore, Ireland, with a Common Law system and a full EU acquis has a strong legal tradition which would be more than able to cope with the case law.”
“The establishment of the Court in Ireland would also bring about new, high quality jobs and I will work hard to promote our country as the best place for such an institution.”
MEP Kelly noted that investment is crucial for further European growth in jobs and economic development and TTIP would bring clear additional opportunities to Ireland in this regards. He also highlighted that the proper implementation of regulation is necessary in order to ensure our policy objectives in Europe are preserved and advanced.
“TTIP is an agreement which would greatly benefit Ireland and would bring an additional €2.4 billion to our real national income, the same amount predicted to improve Ireland’s trade balance. A total of 21 percent of all our exports are to the US, with pharmaceuticals and chemicals, machinery and agri-food making our biggest exports. A trade agreement such as TTIP, if balanced and guaranteeing preservation of high standards which the regulators are currently working to ensure, will see our strong economic growth continue and further enhance investment opportunities.”
The proposal by the Commission would transform the system by making arbitrators permanent, ensuring their qualifications are those of national judges, whilst introducing an appeal system. The proposal tackles 4 areas which are based on the consultations the Commission had with various stakeholders: i) the protection of the right to regulate; ii) the establishment and functioning of arbitral tribunals; iii) the review of ISDS decisions through an appellate mechanism; and iv) the relationship between domestic judicial systems and ISDS.