As part of the Transatlantic Trade and Investment Partnership (TTIP), there are plans to enshrine massive powers for corporations that will allow them to challenge regulations both at home and abroad if they affect profits. EU member states could find domestic laws quite useless as they become challenged in secretive, offshore tribunals where national laws have no weight and politicians no powers to intervene [1].
It would enable US companies investing in Europe to bypass European courts and challenge EU governments at international tribunals whenever they find that public health, environmental or social protection laws interfere with their business. EU companies investing abroad would have the same privilege in the US.
This proposed agreement is essentially a charter for the systematic destruction and dismantling of legislation that exists to protect the hard won rights of workers and ordinary people.
The mere threat of a claim or its submission could be enough for legislation to be shelved or diluted. Across the world, tribunals consisting of ad hoc three-member panels hired from a small club of private lawyers riddled with conflicts of interest have already granted billions of Euros to companies, courtesy of taxpayers [2].
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