Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-04-Speech-1-270-000"
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"en.20110404.23.1-270-000"2
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"Madam President, Commissioner, ladies and gentlemen, I should like to begin by sincerely thanking all those with whom I have had the opportunity to work on this issue.
By proposing new definitions of protection standards, the report strikes a fair balance between the protection of investors’ rights and the right of public authorities to regulate. This also means including in all future agreements specific clauses laying down the possibility for public authorities to legislate and regulate in the areas of national security, the environment, public health, workers’ and consumers’ rights, industrial policy and cultural diversity.
Lastly, increased protection for investors must be accompanied by more responsible behaviour, particularly in developing countries, where the social and environmental laws are less binding. That is why the report mentions that social and environmental clauses should be included in all free trade agreements signed by the Union. Furthermore, we must go beyond naming and shaming and include in all future agreements a set of clear corporate social responsibility rules with which businesses must comply and which are based on guidelines set by the OECD.
If our aim here really is to shape the contours of a new European investment policy, then I call in this report for it to be exemplary and to promote investment which is sustainable, respects the environment and encourages good quality working conditions in Europe and in third countries alike. That is why this report, by the power vested in it by Wednesday’s vote, must serve as a reference for all future negotiations conducted by the Commission.
All the contributions have helped in the drafting of this report and, thanks to the cooperation of all the political groups, and I am especially grateful to the shadow rapporteurs, we have on the table today a consistent text that sends out a powerful message.
Indeed, we are at a turning point in European investment policy and at a time when we have to seize the new power conferred on us by the Treaty of Lisbon in order to meet a dual challenge. Firstly, that of providing European businesses with the tools they need for high quality foreign investment that is protected by a legal framework providing long-term support.
Secondly, Europe must strengthen its position as the world’s leading beneficiary of foreign direct investment and give itself the means to control that investment so as to encourage sustainable development that creates high quality employment.
By voting on this report, the first official expression of our institution since the Treaty of Lisbon came into force, Parliament is fully assuming its role as a new colegislator in trade regulatory matters and is voicing its priorities at a time when the first investment protection negotiations are about to begin. This expression is essential, because it is intended to relay the concerns of the citizens, who are showing a growing interest in trade matters and whom we must support.
In a world, today, where conflicts also take place in a trade context, protecting those businesses of ours that invest abroad must become a priority. International agreements have been created to protect investors from harsh, unjustified expropriations and hidden laws aimed simply at eliminating them from this or that market. This primary objective must be maintained.
Although Europe is one of the most open markets in the world, a balance must be restored with our main partners so that European businesses can benefit from a level playing field. This is the proposal made in this report, which stresses the need for future agreements to include standards relating to non-discrimination, fair and equitable treatment, and protection against direct and indirect expropriation.
However, those standards must be defined in such a way as to prevent any misinterpretation. Some businesses have, in fact, used the vague wording in first-generation investment agreements to protect their interests beyond what is legitimate, for example, by attacking new social and environmental laws that harm their interests. Appearing before international arbitrators and with no transparency or possibility of appeal, they have demanded considerable compensation by claiming that those laws are on a par with indirect expropriation. Europe, which, in the future, will receive ever more investment, particularly from emerging countries, must guard against such abuses.
That is the idea behind the reforms undertaken by the United States and Canada, two countries whose governments and authorities have suffered several setbacks in international arbitration cases and which have radically overhauled their investment agreement model."@en1
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