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EU court backs use of trade tribunals to protect foreign investors
Source: Reuters
BUSINESS NEWS APRIL 30, 2019 / 4:14 AM / UPDATED 2 HOURS AGO
EU court backs use of trade tribunals to protect foreign investors
Philip Blenkinsop
4 MIN READ
BRUSSELS (Reuters) - The European Union won backing from the bloc’s top court on Tuesday for its system to protect foreign companies, which proponents say is essential for future trade agreements but critics say unfairly favors multinationals.
As the EU prepares to start negotiations with the United States, the European Court of Justice (ECJ) ruled as lawful the mechanism to settle disputes between investors and states in the Comprehensive Economic and Trade Agreement (CETA) with Canada.
Belgium had asked the court to give its view on that mechanism, under which tribunals with publicly appointed judges resolve disputes brought by foreign companies.
Critics had said the special courts undermined the supremacy of the ECJ and discriminated by only allowing foreign investors, not domestic investors, to bring cases.
-snip-
EU court backs use of trade tribunals to protect foreign investors
Philip Blenkinsop
4 MIN READ
BRUSSELS (Reuters) - The European Union won backing from the bloc’s top court on Tuesday for its system to protect foreign companies, which proponents say is essential for future trade agreements but critics say unfairly favors multinationals.
As the EU prepares to start negotiations with the United States, the European Court of Justice (ECJ) ruled as lawful the mechanism to settle disputes between investors and states in the Comprehensive Economic and Trade Agreement (CETA) with Canada.
Belgium had asked the court to give its view on that mechanism, under which tribunals with publicly appointed judges resolve disputes brought by foreign companies.
Critics had said the special courts undermined the supremacy of the ECJ and discriminated by only allowing foreign investors, not domestic investors, to bring cases.
-snip-
Read more: https://www.reuters.com/article/us-eu-canada-court/eu-court-backs-use-of-trade-tribunals-to-protect-foreign-investors-idUSKCN1S60LO
