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05 March 2014
World's largest trade union demands immediate halt to TTIP negotiations
The world's largest trade union, representing 2.3 million workers has come out publically against the Transatlantic Trade and Investment Partnership (TTIP) over concerns that consumers and workers could be negatively affected. IG Metall also disputes the impact TTIP will have on jobs and growth, believing that the risks are more expensive than the benefits.
Chairman of IG Metall, Detlef Wetzel, spoke candidly on a variety of concerns over the trade deal, including aims to give investors broad rights with mechanisms like the Investor State Dispute Settlements (ISDS). Such plans are “threatening” as they allow investors the right to attack government decisions that affect the profitability of their investments. In such scenarios, taxpayers will ultimately foot the bill if the judgment falls in favour of the company in question, he says.
Wetzel also disputes the benefits of the deal claiming that “the weather plays a larger role” on employment than the free trade agreement would.