US, EU Say Export Controls, Investment Screening Need 'Upgrade'
The U.S. and the EU plan to increase cooperation to better protect the “leakage” of sensitive technologies, including through export controls, foreign direct investment reviews and outbound investment screening, President Joe Biden and European Commission President Ursula von der Leyen said last week. In a joint statement after a March 10 meeting at the White House, the two leaders committed to increasing cooperative efforts to prevent “sensitive emerging technologies” and other dual-use items from going to “destinations of concern that operate civil-military fusion strategies.”
“Our respective existing controls related to exports, inbound investment, and research cooperation are essential tools and need to be upgraded to correspond to a changing geostrategic environment,” they said. “We have a common interest in preventing our companies’ capital, expertise, and knowledge from fueling technological advances that will enhance the military and intelligence capabilities of our strategic rivals, including through outbound investment.”
The two leaders said they plan to “upgrade our toolkit” and will coordinate to “avoid the backfilling of any controlled exports and investments.” They also will continue to “share lessons and seek to align our approaches where feasible to maximize the effectiveness of our efforts.”