World Economy

TTIP Can Reach Multilateral Level Discussion

TTIP Can Reach Multilateral Level DiscussionTTIP Can Reach Multilateral Level Discussion

The Transatlantic Trade and Investment Partnership seeks to liberalize trade between the United States and the European Union, creating the world’s largest free trade zone and accounting for 60% of global production.

“Norms and standards differ between the United States and the EU, not necessarily in the level of food safety protection but more in how they achieve it. If TTIP could result in more common understanding on norms and standards and how they are certified this could further the discussion at multilateral level as well,” Evelyn Nguleka said, Sputnik reported.

The controversial TTIP deal is widely criticized for bypassing the multilateral format provided by the World Trade Organization and excluding BRICS countries.

The strict secrecy of its negotiations and leaks detailing undue benefits the deal would give to multinational corporations have also drawn criticism from activists and lawmakers.

The Trans Pacific Partnership international tribunals under the United Nations Secretary-General will govern international business deals exempting companies from US and other national laws, the Atlanta Stop TPP Coalition told Sputnik.

“The arbitrators are unelected, and completely unaccountable to the people,” the coalition said on Friday. “These tribunals are extrajudicial. Their authority is above national justice systems.”

On Thursday, the coalition held a rally in Atlanta at Woodruff Park International Peace Foundation to protest the TPP trade negotiations.

“Drafts of this deal have been leaked and make it obvious why this is being pushed through in such a covert way,” the coalition pointed out. “This is about power… that is being covertly shifted farther and farther away from the people.”

The TPP is being negotiated in unusual secrecy between the United States and 11 Asian and Pacific Rim nations, including Australia, Japan, New Zealand, Mexico, Taiwan, South Korea and Malaysia.

The controversial trade pact is expected to cover about 40% of the global economy. Uncertain implications for workers’ rights, employment and the environment have drawn heavy criticism from labor unions and watchdogs.