Hungary opposes ISDS clause in T-TIP treaty
Hungary is against the inclusion of the investor-state dispute settlement (ISDS) clause in the Transatlantic Trade and Investment Partnership (TTIP) free trade agreement between the United States and the European Union, Foreign Ministry state secretary István Mikola said yesterday following a convention of foreign trade ministers in Brussels.
According to Mikola, Hungary believes that disputes between member states and investors should be settled on a national level. He added that if an ISDS clause was included it would allow multinational companies with bigger budgets than the state budget of Hungary to influence governments and legal procedures.
Mikola said that Hungaryʼs views on the ISDS clause are shared by 6-7 other EU member states, but he did not name those states.
Hungary’s foreign minister Péter Szijjártó said earlier that a “good” free trade agreement between the European Union and the United States could boost Hungarian exports to America by 15-20% and create 20,000-30,000 jobs.
House speaker of the Hungarian Parliament László Kövér said that Hungary will continue to defend its national interests through negotiations of the proposed T-TIP.
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