"TTIP will give more power to Multinationals”

The Communist Party of Malta warns that the US-European Union Transatlantic Trade and Investment Partnership (TTIP) will give more power to Multinational corporations.

The Party said that “sovereign states and democratically elected legislatures will be little more than empty phrases if the US-European Union Transatlantic Trade and Investment Partnership (TTIP) is brought into force. This agreement will weaken national governments who will find themselves liable to legal procedures brought about by these companies under the excuse that state regulations obstruct the unfettered pursuit of maximum profits. Infact in 2012, around 2,843 multinational companies sued governments for passing measures they claimed that resulted in lost profits”. 

 “These partnerships are tools through which multinational companies will remove health and safety protection, end environmental safeguards, abolish legislation providing minimum conditions for labour, scrap food safety laws, abandon efforts to slow climate change, stop campaigns against fracking and forbid attempts to rescue the National Health Service from the predations of private companies”.

 “The concept of globalisation is to concentrates wealth into fewer private hands so the radius of their power expands. Power now extends across the globe. Karl Marx wrote “that the changes in the economic foundation lead sooner or later to the transformation of the whole immense superstructure”, (Contribution to the Critique of Political Economy)”.

 “The proposed partnership agreement is nothing more than a repetition of the economic model applied under the North American Free Trade Agreement (NAFTA) between the US, Canada and Mexico, signed in 1992. This type of agreement was rejected by different countries in Latin America due to its disastrous impact on the people, the public services and the natural environment”, concluded the Communist Party of Malta.