The Transatlantic Trade and Investment Partnership (TTIP) is a comprehensive free trade and investment treaty currently being negotiated between the European Union and the USA. As officials from both sides acknowledge, the main goal of TTIP is to remove regulatory ‘barriers’ which restrict the potential profits to be made by transnational corporations on both sides of the Atlantic.

Key Quotes

"Investor-state rules could be used to smash any attempt to save the NHS from corporate control, to re-regulate the banks, to curb the greed of the energy companies, to renationalise the railways, to leave fossil fuels in the ground. These rules shut down democratic alternatives. They outlaw leftwing politics. This is why there has been no attempt by the UK government to inform us about this monstrous assault on democracy, let alone consult us...Wake up, people we're being shafted." - George Monbiot, environmental campaigner

"The proposed trade deal is a huge threat to our democracy and our sovereignty. We have seen the UK participating in a disastrous race to the bottom on corporate tax rates and wages. We must not also walk into lowering our workers' rights, environmental standards and food health standards. Chicken carcasses washed in bleach, hormone-stuffed beef and open season on pollution are not things we want to import from the US." - Natalie Bennett, Green Party leader

“TTIP is about reaching behind the barriers and removing the standards and rules big business don’t like dealing with, like labour standards, environmental standards, food safety standards. The EU is pushing to an end to port inspections of imports and exports, for example, which could lead to food safety problems." - John Hilary, Author - "War On Want"

'Investor-state dispute settlement'

Much of the opposition to TTIP in the UK and other EU countries including Germany, is focused on its provisions for "investor-state dispute settlement". This procedure would allow companies to sue foreign governments over claims of unfair treatment and to be entitled to compensation. Critics say the measures undermine the power of national governments to act in the interests of their citizens. For example, they warn that tobacco giants could use the procedure to challenge restrictive regulations, citing a case in Australia, where Philip Morris Asia used a 1993 trade agreement with Hong Kong as the basis for a legal move to stop a change to packaging. In the UK, attention has focused on the potential impact on the NHS, with critics saying TTIP would allow private firms running NHS services to sue the government if it chose to return the services to the public sector.

Food Standards

Critics also worry about the impact on food standards, arguing that the EU has much stricter regulations on GM crops, pesticide use and food additives than the US. They say the TTIP deal could open the EU market to cheaper products with poorer standards. They also warn that food giants could use investor-state dispute settlements to bully governments into dropping legislation to improve food standards. The UK government insists it would not allow the TTIP deal to undermine the UK's welfare and regulatory standards.

Privacy

In 2012, after a widespread protest, the European Parliament rejected a multilateral agreement to harmonise and step up anti-counterfeiting law. Protesters had claimed the agreement threatened privacy by encouraging surveillance of personal data. Some critics have suggested proposals in TTIP on intellectual property could have a similar effect to the proposed anti-counterfeiting measures - claims which are denied by TTIP's supporters.

Financial Services

After the 2008 financial crash, the EU and US embarked on different programmes of reform to the regulations governing banks and other financial institutions. The TTIP deal would attempt to harmonise those regulations. Critics say TTIP could weaken the rules governing banks by diluting the tougher reforms adopted in the US. The European Commission says a common framework on banking regulation is needed for economic stability.

Environmental Regulations

There are environmental issues too: an estimated 11m extra tonnes of carbon dioxide will be produced if TTIP happens, and our reliance on fossil fuels will increase if it becomes easier for the US to export shale gas. According to John Hilary, this will all lead to “sub-saharan Africa getting it in the teeth”.