Secretive TiSA Trade Deal Will Lead to ‘Casino Capitalism’ and Privacy Threat

Wednesday, August 31, 2016
By Paul Martin

SputnikNews.com
31.08.2016

Campaigners have told Sputnik that while growing opposition to the proposed Transatlantic Trade and Investment Partnership (TTIP) has thrown the whole project into doubt, another trade agreement is being secretively negotiated which may have far-reaching consequences for democracy.

The Trade in Services Agreement (TiSA) is a trade agreement currently being negotiated by 23 members of the World Trade Organization (WTO), including the EU. Together, the participating countries account for 70% of world trade in services.

Unlike TTIP, TiSA is all about the provision of services and aims at opening up markets and improving rules in areas such as licensing, financial services, telecoms, e-commerce, maritime transport, and professionals moving abroad temporarily to provide services.

However, campaigners, including Global Justice Now, say the TiSA deal will lock in privatization of public services, will mean more “casino capitalism” because it will undermine efforts to regulate the financial sector and avoid another crisis and is also a threat to online privacy.

“This deal is a threat to the very concept of public services. It is a turbo-charged privatization pact, based on the idea that, rather than serving the public interest, governments must step out of the way and allow corporations to ‘get on with it,'” Nick Dearden the director of Global Justice Now told Sputnik.

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