Duncan Welcomes European Parliament Backing for TTIP
Ian Duncan MEP, Conservative Chief Whip in the European Parliament, has welcomed today's vote in support of the proposed EU-US trade agreement, known as TTIP.
The Parliament voted 436 to 241 in favour of the principle of the deal, not the final text, as the European Commission is yet to finalise it. This could be a number of years away.
The agreement has the potential to deliver real, tangible benefits for consumers and businesses across the EU.
TTIP could benefit the economies of EU countries to the tune of €120bn - that is an average of €545 in extra disposable income for a family of four each year.
On the sticking point of investor protection, MEPs agreed that TTIP should be accompanied by a reformed and transparent investor protection mechanism.
This will allow European businesses to invest with confidence, knowing that they will be treated fairly and not discriminated against, while ensuring that governments will continue to be able to regulate in the public interest.
Dr Duncan said:
"After weeks of parliamentary ping-pong, we finally have clear backing from the Parliament for TTIP.
This deal will open up new markets across the Atlantic for Scotland’s small and medium businesses by cutting red tape and reducing tariffs. TTIP will also be good news for the Scottish consumers, who will be able to choose from a wider range of products at a cheaper price.
I am pleased that Parliament voted in favour of a reformed and transparent investor protection, known as ISDS. While it is crucial Scottish investments are protected abroad, I want to see a system that is modern, transparent, and maintains the right of the Scottish and UK governments to deliver public services as they see fit. This is something that the Conservatives in Europe have consistently fought for in negotiations.”
Notes to editors
1. Ian has posted information regarding TTIP on his website http://www.ianduncan.org.uk/ttip
2. Ian is the Conservative MEP for Scotland and Chief Whip of the Conservatives in the European Parliament