Annexes to COM(2024)22 - Advancing European economic security: an introduction to five new initiatives - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2024)22 - Advancing European economic security: an introduction to five new initiatives. |
|---|---|
| document | COM(2024)22 |
| date | January 24, 2024 |
Work has continued within the G7 Coordination Platform on Economic Coercion to share information and better coordinate actions against weaponization of trade and economic coercion. The G7 Security and Integrity of the Global Research Ecosystem Working-Group has published best-practices in November 2023 and set up a Virtual Academy to inspire further activities. The G7-initiated Partnership for Resilient and Inclusive Supply-chain Enhancement (RISE) aims at supporting low- and middle-income countries in playing bigger roles in the mineral and global clean energy manufacturing industries.
The outcome of the October 2023 EU-US Summit underlines the shared interest in reducing excessive dependencies, tackling non-market practices, responding to economic coercion, addressing risks stemming from inbound and outbound investments and strengthening supply chain resilience, to be taken forward under the Trade and Technology Council. The EU and Canada have also agreed at their November 2023 Summit to hold regular dialogues on economic security. Likewise, the EU and the Republic of Korea agreed in May 2023 to strengthen dialogue economic security. Close cooperation on economic security is also maintained with Japan and India.
Reflections on how to improve the economic security and resilience of the EU and of its partners have also been integrated in the roll-out of the Global Gateway, which is mobilising up to EUR 300 billion in mutually beneficial investment for sustainable development in emerging markets and developing economies. Sustainable critical raw materials partnerships with seven countries across three continents, including Chile, the Democratic Republic of Congo and Kazakhstan and digital economy packages with Colombia, Nigeria, Kenya, and the Philippines are examples of partnerships the EU has already completed in the context of Global Gateway. These contribute to the partners’ economic security while also advancing the EU’s strategic interests.
The EU continues to be a strong supporter of a broad reform of the World Customs Organizationto address more effectively developments in international trade.
The EU is also partnering with a broad range of countries on research and innovation, notably by facilitating a multilateral dialogue on values and principles for international science cooperation, on which it will host an international ministerial conference in February 2024. The Commission will also enhance dialogues on economic security concerns with third countries associated with Horizon Europe14, such as the UK, Canada or New Zealand.
4. Conclusion
The package of proposals and initiatives set out in this Communication represent a further step in implementing the European Economic Security Strategy.
The package presents a comprehensive approach to strengthen the EU toolbox to mitigate risks linked to foreign investments in the EU, to outbound investments, to dual-use goods and to bolsters research security. This strengthening is essential to enable the EU and Member States to address systematically the risks identified in the ongoing risk assessments related to supply chains, technologies, infrastructures and economic coercion.
The Commission invites the Member States, the European Parliament and the Council, in line with their respective competences, to consider these proposals and initiatives, and to give them the appropriate follow up, in close cooperation with the Commission. Given the geopolitical environment, and the opportunities and risks it engenders, it will be necessary to proceed at a steady pace.
Implementing the European Economic Security Strategy is an ongoing process, based on thorough risk analysis, leading to the adoption of targeted measures to address risks, taking into account the evolving nature of the risk environment. Therefore, the Commission will propose in due time and, when appropriate, in coordination with the High Representative, further initiatives to implement the Strategy.
1 Joint Communication by the European Commission and the High Representative of the Union for Foreign Affairs and Security Policy: European Economic Security Strategy, 26.06.2023, JOIN (2023) 20 final
2 See the Staff Working Document as part of the package adopted with this Communication.
3 https://www.oecd.org/daf/inv/investment-policy/oecd-eu-fdi-screening-assessment.pdf
4 https://www.eca.europa.eu/en/publications/SR-2023-27
5 C(2023) 6689 final
6 For more details, see SWD(2021) 352 final and Arjona et al. (2023)
7 Directive (EU) 2022/2555 of the European Parliament and of the Council of 14 December 2022 on measures for a high common level of cybersecurity across the Union
8 Report on EU coordinated risk assessment of 5G (europa.eu)
9 Cybersecurity of Open Radio Access Networks | Shaping Europe’s digital future (europa.eu)
10 Regulation (EU) 2021/695 of the European Parliament and of the Council of 28 April 2021 establishing Horizon Europe – the Framework Programme for Research and Innovation, laying down its rules for participation and dissemination, and repealing Regulations (EU) No 1290/2013 and (EU) No 1291/2013.
11 Commission Recommendation (EU) 2021/1700 of 15 September 2021 on internal compliance programmes for controls of research involving dual-use items under Regulation (EU) 2021/821 of the European Parliament and of the Council setting up a Union regime for the control of exports, brokering, technical assistance, transit and transfer of dual-use items.
12 Council Regulation (EU) No 833/2014 of 31 July 2014 and Council Regulation (EU) 2021/1986 of 15 November 2021
13 Decision (EU) 2022/2481 establishing the Digital Decade Policy Programme 2030
14 Currently 19 third countries are associated to Horizon Europe, with the UK, New Zealand, and Canada as the most recent partners. These associations provide, as far as possible, the same rights and obligations to these countries’ research and innovation entities as those accorded to entities of EU Member States.
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