Hazel Sheffield writes:
The Transatlantic Trade and
Investment Partnership will
have "few or no benefits to the UK", according to the
only official assessment of the deal commissioned by the UK Government.
he warning was disclosed in response to a Freedom of
Information request by anti-TTIP campaigners Global Justice Now.
The group filed a request
to the Department for Business Innovation and Skills to ask what risk
assessments had been made about the treaty.
The BIS
said it had carried out only one such review in 2013, when the London
School of Economics was commissioned to conduct a study.
The study found TTIP would have limited political and economic
benefits and may result in "meaningful economic costs in the UK".
"All in all, it is doubtful UK investors will find
additional protections from an EU-US investment protection treaty beyond
those currently provided, and enforced, under US law," the study
found.
Supporters of TTIP say it
could boost the European and US economies by hundreds of billions of dollars by
making it easier for companies on either side of the Atlantic to trade with one
another.
Opponents say the deal could give corporations the
power to sue governments when they pass regulation that could hit firms' profits
through an international court called the Investor-State Dispute Settlement
(ISDS).
United Nations figures
show US companies have made billions of dollars by suing other governments
nearly 130 times in the past 15 years under similar free-trade agreements.
Details of the cases are often secret, but notorious precedents
include tobacco giant Philip Morris suing Australia and Uruguay for putting
health warnings on cigarette packets.
"Ultimately, we conclude that an EU-US investment
treaty that does contain ISDS is likely to have few or no benefits to the UK,
while having meaningful economic and political costs," the report
said.
Nick Dearden, director of Global Justice Now, said the findings
show the treaty could have harmful consequences for ordinary people.
"Introducing a system of secret corporate courts under TTIP
would be a fundamental shift in trade and legal policies, so it’s staggering
that the government is pushing us into it with almost no assessment of what the
risks are for our policy makers or the tax payer," he said.
The revelations come as UK Prime Minister David Cameron travels
to join US President Barack Obama, German Chancellor Angela Merkel, French
President François Hollande and Italian Prime Minister Matteo Renzi to discuss
TTIP in Germany.
Mr
Obama's trip to Europe has been seen as an effort to drum up support for TTIP before the end of his time in the White House.
He has been pushing for its completion since parties were
scheduled to sign in 2014, promising the treaty would remove “regulatory
and bureaucratic irritants and blockages to trade".
"If we don’t complete negotiations this year, then upcoming
political transitions — in the United States and Europe — could mean this
agreement won’t be finished for quite some time," he said.
A BIS spokeswoman said the TTIP
agreement was an opportunity to create the largest free trade area in the world
with the potential to boost the UK economy by as much as £10 billion each year.
"Since 2013, the investment protection provisions in TTIP
have been significantly reformed," she said.
"The government has engaged closely with stakeholders and
the European Commission as negotiations have progressed."
War on
Want campaign director John Hilary told Morning
Star that the Global Justice Now findings confirmed David
Cameron had been misleading British citizens when talking up the benefits
of TTIP.
"We have challenged the UK government time and again to show us
any evidence that TTIP will be good for ordinary people," he said.
"Now we know why it has failed to provide that evidence —
because they have none."
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