This is from a draft of the EU TTIP negotiating mandate (available from Inside US Trade):
21. The aim of negotiations on investment will be to negotiate investment liberalisation and protection provisions, including areas of mixed competence, such as portfolio investment, property and expropriation aspects, on the basis of the highest levels of liberalisation and highest standards of protection that both Parties have negotiated to date. The inclusion of investment protection and investor-to-state dispute settlement will depend on whether a satisfactory solution, meeting the EU interests concerning the issues covered by paragraph 22, is achieved.
22. As regards investment protection, the objective of the respective provisions of the Agreement should:
– provide for the highest possible level of legal protection and certainty for European investors in the US,
– provide for the promotion of the European standards of protection which should increase Europe's attractiveness as a destination for foreign investment,
– provide for a level playing field for investors in the US and in the EU,
– build upon the Member States' experience and best practice regarding their bilateral investment agreements with third countries,
– and should be without prejudice to the right of the EU and the Member States to adopt and enforce, in accordance with their respective competences, measures necessary to pursue legitimate public policy objectives such as social, environmental, security, stability of the financial system, public health and safety in a non-discriminatory manner. The Agreement should respect the policies of the EU and its Member States for the promotion and protection of cultural diversity.
What are the authors saying here? Are they saying:
1. Investment protection and investor-state will only be included if high EU standards for investment protection, as opposed to the weaker U.S./Canadian standards, are met?
or are they saying:
2. Investment protection and investor-state will only be included if the usual provisions are weakened so as to ensure that public policy objectives can be pursued?