Last week, I responded as the Shadow Minister for Trade and Investment in the debate in the House of Commons on the Transatlantic Trade and Investment Partnership (TTIP).
Europe and the United States are the UK’s most important markets today. Indeed, the US is the UK’s biggest export market and the UK economy attracts a significant level of Foreign Direct Investment (FDI) from across the Atlantic.
Trade between the EU and US is strong, however more can be done to make it easier – like tackling barriers and improving market access – for UK and US businesses to trade and respectively grow our economies. This trade agreement, TTIP, would hopefully do that.
TTIP has huge potential and I am very much support the principles behind these negotiations – job creation, higher wages for employees and a better deal for consumers.
Crucially, the benefits of any trade deal must filter down to employees and consumers. We would be very concerned if any deal led to a watering down of workers’ rights and the Opposition shall monitor this closely. Specifically, I have raised concerns about the application of the ‘Investor-State Dispute Settlement’ (ISDS) aspects of the proposal, and will continue to push for the need for effective and necessary transparency if it is included as part of the final deal. Finally, Labour have been clear that the NHS must be exempt from the final TTIP agreement.