Michael Colreavy (Sligo-North Leitrim, Sinn Fein) | Oireachtas source

My colleagues will focus on different aspects of the challenges facing the EU while I will focus on TTIP and ISDS. The Government is claiming that 8,000 jobs could be created and GDP could increase by 1.1% through TTIP2. We have heard all the spin before. I recall all the jobs promised at the time of the Lisbon negotiations but these have yet to materialise for many in Ireland or across the EU. TTIP is aimed at stimulating trade. However, trade between the two blocs has never been better and goods worth €1.8 billion are exchanged every day between the US and EU.

Ireland has a strong and arguably unique alliance with America with a range of existing bilateral agreements. Irish exports to the United States grew year-on-year by almost 1.3% in 2013 and are now in the region of €18.4 billion. I believe the Government, probably to suit its own agenda, is drawing on best case scenario figures. It is suggested that figures used by those in favour of the Transatlantic Trade and Investment Partnership are vastly overblown and are being used to convince a sceptical electorate of the benefits of what is a risky agreement. TTIP could have an adverse effect on Irish exports to the European Union, which account for over 60% of total exports. One study has quantified this and suggested that in a deep liberalisation scenario intra-EU trade could fall by approximately 30%.

We are calling on the Government to commission an objective study and report to assess the real benefits and risks facing Ireland as a result of TTIP. It is not good enough that we sit on our hands and cling hard to bloated statistics. Rhetoric alone is not going to address this. We need informed negotiators who can show leadership and ensure a fair deal for people. The European Commission is negotiating this deal on behalf of Europe. The Lisbon treaty gave that power to the European Commission without any input or transparency. Furthermore, as a result of the Lisbon treaty, member states have lost the power to veto these types of agreements. The European Parliament only has the power to reject or approve the entire deal after it has been negotiated.

The negotiations thus far have been shrouded in secrecy. An EU mandate document was leaked in early October 2014 and was subsequently declassified. The EU is considered to have high regulatory standards, a characteristic some industries have long complained about as representing a barrier to trade. However, these standards are in place for a reason, that is, to protect communities and consumers. Some vested interests want TTIP to become a platform for making changes to regulation to make industry more profitable for companies. This would have negative impacts on public policy and would come at a great social cost. These behind closed doors negotiations are being carried out by people who are neither elected nor accountable to Irish or EU citizens. The greatest threat to democracy in all of this is the investor-state dispute settlement, ISDS, mechanism. The ISDS mechanism allows corporations to sue governments even for loss of expected revenue when government regulations are seen to affect expected profits. Through ISDS, companies can bypass the national court systems and appeal directly to international investor-based tribunals. For example, a company could potentially sue for loss of profits if a government banned fracking in its area. We know that Australia is being sued for damages by a major tobacco giant in response to public health measures to restrict smoking. There have been several threats by companies to sue Ireland to compensate for lost profits. Currently, there is no mechanism for companies to do this in Ireland but with the ISDS mechanism that will no longer be the case. Many member states, including Germany, have stated their opposition to the inclusion of the ISDS mechanism.

Irish people are becoming increasingly aware of the presence and activities of a golden circle of those in big business who always seem to benefit from Government decisions and choices. I maintain that TTIP and the ISDS mechanism represent a framework for a worldwide golden circle.

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