Mon. Jul 15th, 2024

Brussels, 20 June 2023

The Chair of the International Trade Committee, Bernd Lange, welcomed the Joint Communication on a European Economic Security Strategy by the Commission and the High Representative.

“The European Economic Security Strategy is welcome and timely. With rising geopolitical tensions, the global COVID-19 pandemic and Russia’s war of aggression against Ukraine, the Union has found itself over-dependent and over-exposed. The strategy can serve as a useful compass to remedy some of our most striking vulnerabilities whether in relation to supply chains, energy, access to critical raw materials, or data and technology leakage.

As Parliament we will duly scrutinise any legislative proposal that is put on the table in the future, but we should first and foremost make sure that we use to the full what we already have. Proper implementation of recent legislation, for example on dual use, is key. Next week, INTA will be voting on the outcome of the negotiations on the anti-coercion instrument, another key tool to reinforce our economic security.

I welcome that the strategy clearly focuses on sustainable partnerships rather than de-coupling. We must clearly define what constitutes risk to avoid unduly restricting trading opportunities. Ultimately reinforcing multilateralism and a rules-based open trade is key to diversifying and reducing risks. In this sense accelerating and concluding negotiations of pending trade agreements would represent a much-needed boost to the Union economic security”, said Bernd Lange (S&D, DE), Chair of the Committee on International Trade.

The Committee on International Trade will hold an exchange of views on the Joint Communication at its next meeting on 26 June 2023 starting at 15:00.

Background

The European Commission and the High Representative for Foreign Affairs and Security policy on Tuesday 20 June published a Joint Communication on a European Economic Security Strategy. This Joint Communication, according to the European Commission, focuses on minimising risks arising from certain economic flows in the context of increased geopolitical tensions and accelerated technological shifts, while preserving maximum levels of economic openness and dynamism.

Source – EU Parliament

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