Free Trade Agreement: US and EU

Lord Avebury Excerpts

Thursday 23rd October 2014 Lords Chamber

[Lord Livingston of Parkhead]

As was mentioned earlier, the EU is conducting a consultation on ISDS clauses and has received a large number of responses. I think the appropriate question on ISDS clauses is, “Which ISDS clause?”, rather than whether one should have a clause. Noble Lords should understand that, in the UK, we have 94 ISDS clauses that have in total lasted for 2,000 years. The number of cases that the UK has lost during that time is zero. Many of the claims made about ISDS clauses are based on misconceptions. The UK is pushing for is an ISDS clause that rightly balances the interests of people and organisations with the right that big business—businesses of all sizes—has to a stable investment environment. We will continue to push that, as we have recently with an excellent clause in the agreement with Canada.

[Lord Avebury (LD)]

My Lords, if by some mischance Britain were to leave the EU at some future date, would we have to renegotiate all the bilateral agreements the EU now has or may have in the future with third parties?

[Lord Livingston of Parkhead]

That is a hypothetical question. As the Prime Minister has stated very clearly, he will be campaigning to remain in the EU—an EU that will be founded on free trade. Free trade is a very important part of the EU and we will continue to push for that.