McClarkin: TTIP support a much-needed boost for businesses and consumers

08-Jul-2015 @ 14:15

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Conservative trade spokesman in the European Parliament Emma McClarkin has welcomed today's vote in support of the proposed EU-US trade agreement, known as TTIP.

The agreement has the potential to deliver real, tangible benefits for consumers and businesses across the EU.

A comprehensive deal with the US would benefit the economies of EU countries to the tune of €120bn - that is an average €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 be able regulate in the public interest.

Miss McClarkin said:

"I welcome the fact that following weeks of parliamentary ping-pong and attempts by socialist and protectionist MEPs to derail the process we finally have a clear backing for TTIP.

"This deal can bring us the growth that Europe so desperately needs by cutting red tape and reducing tariffs, allowing businesses of all sizes to flourish in a truly open marketplace. TTIP will also be good news for the consumers of Europe, who will be able to choose from a wider range of products at a cheaper price.

"On investor protection, I welcome the clear recognition that some form of reformed and transparent investor protection is needed. Let us be clear, Europe is desperate for investment - and with that must come some form of investor protection.

"Other parts of the world are making progress while Europe lags behind. As one of the world's biggest economies, Europe should be leading the global trade agenda, not be led by it. I hope that with Parliament's support for TTIP now officially on record a swift and successful conclusion of the negotiations can now be reached"

"We need to get further down the road of negotiations with the US to see what is possible to achieve and prove the EU is open for business."


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