ViEUws | February 25, 2015
ISDS in EU-Singapore deal too favourable to corporations, should be modified according to lead MEP David Martin
David Martin MEP (S&D, United Kingdom) is the European Parliament’s rapporteur on the EU-Singapore trade deal. Martin joins Lénaïc Vaudin d’Imécourt to discuss the next steps towards the ratification of the trade agreement.
The goods and services part of the EU-Singapore free trade agreement (EUSFTA) was concluded more than two years ago. Later, both parties added an investment protection chapter (containing the ISDS mechanism) to the trade pact. Martin argues that it would be better to split the agreement, given that the discussion surrounding the investment part of the deal delays the ratification of the entire agreement. This would allow for the “vital part of the agreement”, dealing with goods and services, to be ratified with no further ado.
In addition, the rapporteur criticises the infamous ISDS (investor-to-state dispute settlement) part of the EU-Singapore trade deal. Martin argues that the ISDS mechanism is “too favourable to corporations” and needs to be modified.