Media Release
For Immediate Release: Thursday 2nd December 1999
US HORSE-TRADING ON INVESTMENT?
A year ago, on December 4, 1998, the wealthy nations of the OECD abandoned
attempts to set up a Multilateral Agreement on Investment (MAI). The MAI, which would
have empowered corporations at the expense of people and the environment, was
strongly opposed by civil society organizations. But, the principles of the MAI may reemerge in a WTO end-game as a result of intense pressure from the European Union.
According to sources on a number of Delegations, most WTO member countries
oppose investment negotiations in the WTO and instead favor a study group on
investment issues. The European Union is standing in the way of this majority opinion.
According to negotiators, the EU has even insisted that if there is no investment
negotiation, there will be no ministerial declaration.
Most developing countries oppose investment negotiations. So far the United States
has also spoken out against negotiations. Friends of the Earth is concerned that the US
may agree to investment negotiations in a last-minute trade off with the EU on
agriculture, a biotechnology working group, and accelerated elimination of tariffs in
forest products and other industry sectors.
Commenting, Mark Vallianatos of FoE US said:
“We call on the US government to stand firm in opposing WTO investment
negotiations. Trade offs that allow investment negotiations in the WTO would
wreck any chance of public support of the trading system.”
Contact:
Mark Vallianatos
FoE US
206-953-0347
Alexandra Wandel
FoE Europe
206-953-0755
Vice Yu
FoE Philippines
206-953-9178