Transatlantic Trade and Investment Partnership

Debate between Geraint Davies and Robert Walter

Thursday 15th January 2015 Commons Chamber

[Geraint Davies]

My hon. Friend is completely right. There are people who say there is no risk from ISDS, but there is a lot of evidence and a track record of multinationals using the powers at their disposal to extract money where laws are passed undermining future profit flows. Philip Morris is the obvious example: it is suing Uruguay and Australia for something like $100 million. Lone Pine is suing the Canadian Government for about $250 million, because Quebec wants a moratorium on fracking. Achmea, the Dutch insurer, is suing the Slovakian Government who tried to reverse some of their health privatisations. Argentina has paid more than $1 billion to US and EU energy giants, because it froze energy and water prices. If these powers are available, they will be used to fleece the taxpayer. In my view, they are unnecessary. I accept that some protection may be needed between developed economies and democracies and rogue states, but rogue states are certainly not the United States. Mature democracies and economies, namely the EU and the US, do not need anything more than contract law to protect investors.

[Mr Robert Walter (North Dorset) (Con)]

The hon. Gentleman may be aware that the United Kingdom is a party to some 90 international trade deals that involve the investor-state dispute settlement mechanism. Does he know how many cases the United Kingdom has ever lost using the mechanism?

[Geraint Davies]

I do not have the numbers to hand.