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EU against economic coercion


				04.10.2023
						The EU has approved a bill aimed at countering economic blackmail.

Now the EU has the opportunity to take retaliatory measures in case of economic pressure from third countries. This may include restricting trade in certain goods and foreign direct investment. In addition, the EU can demand "compensation" from such countries.

This kind of pressure undermines the strategic autonomy of the European Union, but is not regulated by WTO rules. "Economic coercion falls under the World Trade Organization dispute resolution mechanism only if it violates its rules," the European Parliament explains.

If there is a suspicion that economic pressure is being exerted on the EU or a member state, the European Commission will have four months to conduct an audit. After that, the European Council must, within eight to ten weeks, by a qualified majority vote, on the basis of the conclusions of the European Commission, make a decision on this issue.
"The main goal is to establish a dialogue with a third country and convince its state bodies to stop coercion," the European Parliament explained. "However, if this fails, the EU can take a variety of measures in response."

Specific countermeasures were not mentioned, but it is obvious that we are talking mainly about economic levers.

Link to source: https://www.europarl.europa.eu/news/de/press-room/20230929IPR06122/parlament-verabschiedet-neues-han...

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