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EU Seeks Solution to Keep Arbitration in U.S. Trade Deal

(Robin Emmott – Reuters)

The EU’s trade chief sought on Wednesday to overcome one of the biggest disputes blocking an accord with the United States, offering to radically change the way companies would resolve conflicts in transatlantic business.

Cecilia Malmstrom, the European Union’s trade commissioner, said arbitration must be part of any EU-U.S. free-trade pact, which would be the world’s biggest, but that “it has to be a different animal” from current investment courts.

“The question about investment protection is not whether we should do it but how we can do it right,” Malmstrom told the European Parliament’s international trade committee. “We want the rule of law, not the rule of lawyers.” Click here to read more.