Molly Scott Cato, Bristol's Green MEP has warned the UK could find itself in the ‘worst of all possible worlds’ if the UK sign up to the CETA trade deal ahead of a vote in the European Parliament.
The Comprehensive Economic Trade Agreement (CETA) between Canada and the EU has always been opposed by Greens as it seeks to give more power to corporations while putting public services and workers’ and consumer rights at risk and threaten environmental regulations.
But now Dr Scott Cato says that a new House of Commons briefing confirms that when the UK leaves the EU, it could be forced to renegotiate its trade agreements with Canada yet still be bound by the treaty for 20 years. She said:
“One of the key reasons Greens have opposed CETA is because of the power this treaty gives to corporations to sue governments over legislation that threatens their profits. If CETA is ratified before the UK exits the EU, we will need to renegotiate our trade agreements with Canada but still be bound by the investor protection provision aspect of this treaty for 20 years. This would mean foreign investors would still have the right to sue the UK government if they feel their businesses have been impacted by new laws or regulations.
“Signing up to CETA is the worst of all possible worlds for the UK. It will take us back to square one on trade negotiations with Canada but trap us in a most toxic element of this treaty. With Brexit looming it is even more critical that all British MEPs vote this dodgy deal down next week in the European Parliament.”