Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

The EU Council of Ministers gave a mandate to the EU Commission to negotiate the Transatlantic Trade and Investment Partnership. The scope of that mandate is wide ranging and allows the EU Commission to enter into negotiations with the US on many issues, including investor-state dispute settlement mechanisms, which was the subject of the Deputy's written question.

A few weeks ago, the EU Commissioner for trade, Mr. Karel De Gucht, announced his decision to consult the public on the investment provisions of a future Transatlantic Trade and Investment Partnership. I understand that the formal consultation period is expected to be launched this month, will run for three months, and will include draft text on investment protection and investor-state dispute settlement. I am conscious of the issues arising in respect of investor-state dispute settlement. It is clear that member states must retain the right to regulate in key public policy areas, such as public health, environmental and social protection, and this must continue to be the case. I therefore welcome the Commissioner’s decision on public consultation, and I look forward to the outcome of the consultation process, which should inform the EU approach to negotiations with the US in this matter.

Investor protection agreements are important because they help to ensure against unfair and discriminatory treatment faced by our companies abroad. These are principles that underpin the rule of law in the EU and are the benchmarks that we would like to see well established in countries where our companies trade and invest. It is for this reason that bilateral investment protection agreements are very common not only in the EU where over 1,400 such agreements are in place, but also around the world where over 2,800 such agreements are in place among both developed and developing countries alike.

While convinced of their usefulness in an international context, I recognise that as part of the wider public consultation process being undertaken by the Commission, we have to ensure that the right to claim against unfair treatment is demonstrably balanced by procedures that prevent abuse and claims that are frivolous or without merit.

See this speech in context