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European Union measures to protect vital technology from China

2024-01-24 22:04:00, Kosova & Bota CNA

The European Union today announced plans to boost its economic security, including a series of measures to protect sensitive technology from falling into the hands of its geopolitical rivals, such as China.

Brussels said it has increased trade restrictions to deal with what it sees as risks to European economic security following Moscow's attack on Ukraine and global trade tensions.

The consequences of the war in Ukraine have hit Europe particularly hard, forcing the bloc to find alternative sources of energy. Now, the bloc is trying to avoid a similar dependence on China, which dominates the production of clean energy technology and critical rare minerals.

European officials today unveiled an economic security package consisting of five initiatives, including toughening rules for vetting foreign direct investment and starting discussions on coordinating export controls.

The EU has already proposed new rules, which it says are necessary to maintain the bloc's lead during the global transition to the use of clean energy technology and to lure more production to Europe.

"In this competition, Europe can't just be a field for the big players, but we have to be playing ourselves," declared the top European official in the field of competition, Margrethe Vestager.

"By doing what we are proposing, we can de-risk our interconnected economies," she told reporters in Brussels.

Wednesday's plan is part of the EU's efforts to de-risk but not walk away from China. The plan is strongly supported by the President of the European Commission, Ursula von der Leyen.

"The change in the relationship between the EU and China is the main driver for this support for economic security, a completely new concept for the EU," declared the director of international studies at the "Montaigne" Institute, Mathieu Duchatel.

European officials rejected criticism that the plan has been watered down and that it will be too late for some of the initiatives.

One of the initiatives is the revision of the EU regulation to verify foreign direct investment, but some countries have recommended that this initiative be discussed more, causing concerns that the decision will be delayed.

For example, the commission says it wants to encourage more discussion about how to support more research and development technologies that can be used for civilian and defense purposes.

The EU also wants all its member states to set up vetting mechanisms, which could lead to blocking investments if they are believed to pose a risk.

"I wouldn't say that the plan of measures has been softened," declared EU Trade Commissioner Valdis Dombrovskis.

He said the EU wants to "pay more attention to higher-risk exchanges and spend less time and resources on lower-risk transactions."

The negotiations are likely to turn into a delicate balancing act. Decisions about investments and exports belong to national governments, therefore the EU must avoid the risk of exceeding its competences./ VOA