Business Secretary Vince Cable has said there must be “greater transparency” over the free-trade agreement being negotiated between the EU and the USA.

Mr Cable travelled to Brussels last week to meet EU trade commissioner Cecilia Malmström (pictured), where he insisted that senior UK parliamentarians must be given access to the Transatlantic Trade and Investment Partnership (TTIP) treaty text, so that they can ask questions on behalf of the public.

Mr Cable said: “I dislike the level of secrecy around the deal and understand why some people are concerned. Where our interests are not harmed by disclosure, then disclosure must take place.”

Mr Cable also expressed his misgivings about the subject of investor-state dispute settlements, whereby businesses can take legal action against governments if they act in ways that infringe the free-trade agreement. ISDS tribunals could allow them to claim compensation not just for lost profits, but also for potential loss of profits in the future.

In reply, Ms Malmström said: “We are conducting the negotiations with the maximum possible transparency, so that people can know what’s going on. For the first time ever, we have published EU negotiating texts and explained them, so everyone can read what TTIP is all about.

“We are also holding regular meetings with a broad range of other parties such as environmental groups and trade unions, as well as representatives from the business side.”

Advocates of the TTIP say that it will make it easier for businesses in the EU to access a market of more than 300 million US consumers. In particular, small businesses are expected to find it easier to export to America because of reduced regulatory differences, lower trade tariffs, easier customs processes, and access to US public procurement markets.

All 28 members of the EU will have to agree to TTIP, and a number of countries have voiced their concern — mainly Germany, Austria, France and the UK. In the USA, the agreement must be approved by Congress.

There have been four rounds of talks so far, and a vote is not expected until late 2016 at the earliest.