BERLIN - Germany's economy minister has promised to block any clauses in a trade deal between the European Union and the United States that go against the ideals of his center-left Social Democrats (SPD), including investor protection clauses wanted by the Americans.
"What the SPD doesn't want won't happen," Sigmar Gabriel, who is also Germany's deputy chancellor, told the Sueddeutsche Zeitung newspaper in an interview published on Saturday.
The European Commission is trying to prevent differences on arbitration from blocking the Transatlantic Trade and Investment Partnership (TTIP), which would encompass almost half the global economy and could generate $100 billion (67 billion pounds) a year in additional economic output on both sides of the Atlantic.
Many in Europe, including the European Parliament, fear U.S. multinationals will use a so-called investor-to-state dispute settlement (ISDS) mechanism to challenge Europe's food, labor and environmental laws on the grounds that these restrict free commerce. The United States will not accept a deal without it.
Unblocking the issue with a revamped form of ISDS could help negotiators reach a trade deal by the end of 2015.
European Trade Commissioner Cecilia Malmstrom defended the ISDS mechanism this week, saying European companies needed it because U.S. law does not bar discrimination against foreign investors and that if ISDS were modernized, governments would not be bullied by big multinationals to change national laws.
Gabriel appeared adamant that Europe should not accept what he termed the "privatization" of arbitration, though he added that Malmstrom was helping to overcome scepticism about TTIP.
"We won't accept any pressure for further liberalization or privatization. We won't lower any social, environmental or consumer protection standards," he said. "And we will not -- I am completely sure of this -- see any privatization of arbitration." - REUTERS
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
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