Fears over the 'Transatlantic Trade and Investment Partnership' (TTIP) are exaggerated

The Transatlantic Trade and Investment Partnership (TTIP), a ground-breaking deal to liberalise trade between the EU and the US, could provide annual benefits to the British economy of £10 billion, equivalent to almost £400 per household, as estimated by both the UK Government and the European Commission.

These benefits will be felt disproportionately by small businesses such as those vital to our region, due to regulatory differences and other barriers that prevent a focus on exports being removed. However, despite these considerable advantages, reservations have been circulating regarding the nature of the on-going TTIP talks.

The potential impact of this deal on the NHS and other public services has been a notable concern, although these worries are fortunately misplaced. In fact, the recent suspension of the investor-to-state dispute settlement (ISDS) clause from the talks, has categorically ruled out the possibility of private companies using the courts to undermine laws protecting public services and environment, consumer and food standards [i]

In addition, Liberal Democrat Business Secretary Vince Cable and the European Commission have both made it explicitly clear that there is no requirement in TTIP for the present or future national governments to open the NHS or other crucial public services to further competition and private sector provision, regardless of how the talks develop. As such, and thankfully contrary to various misleading reports, the fundamental principle that access to the NHS is based on need, not ability to pay, will unquestionably remain.

Further concerns regarding the TTIP have centred upon an apparent lack of transparency in the negotiating process. However, publishing every piece of negotiating text to the public would be like playing poker whilst showing your hand, thus hampering the EU's serious leverage in ensuring any deal reflects the economic interests of Europe, Britain and the region. Despite this, the European Commission has undertaken an unprecedented approach of not only holding public consultations on controversial issues such as ISDS, but also publishing a substantial amount of key documents[ii]

Once an agreement in principle has been reached between the EU and the United States, the proposed text of this deal will consequently require unanimous ratification by all 28 EU national governments. Therefore, any agreement will be subject to significant scrutiny by both the House of Commons and the Lords. As such, if the agreement does not deliver on the values and standards that we hold in the UK, the Liberal Democrats will passionately campaign to prevent the TTIP becoming reality.