EU 'Reinforcing' Trade Security Toolbox, Trade Chief Says
The EU is aiming to build on its export controls, investment screening measures and other economic security tools over advanced technologies, Trade Commissioner Maros Sefcovic said this week.
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Sefcovic, speaking at the Brussels Economic Security Forum, said the EU is focused on “deploying -- and where needed, reinforcing -- our toolbox, from foreign direct investment screening to export controls, monitoring of outbound investments, the foreign subsidies regulation, and the anti-coercion instrument.” Sefcovic also said the commission is working to address its “high-risk vulnerabilities across critical areas” with a particular focus on advanced semiconductors, artificial intelligence, quantum technologies and biotechnology.
“We are moving fast and expect the first set of results in the coming weeks,” he said, according to a copy of his prepared remarks. The commission also is preparing to “launch assessments” of six other emerging technologies soon.
He said the EU wants to coordinate any new measures with allies, specifically mentioning Japan, Canada, Australia and the Group of 7.
“It is essential that we build on our many strengths,” Sefcovic said. “Supporting companies that are indispensable to global value chains and doubling down on our R&D capabilities must remain top priorities.”
Sefcovic also touched on China, saying Beijing needs to “address systemic issues affecting Europe and other partners,” including its subsidies, market access barriers, critical minerals export restrictions, investment conditions and “trade diversion.” He said he spoke with Chinese Commerce Minister Wang Wentao earlier this week about those issues, and the two sides are planning a “leaders summit” in July.
“We value the EU-China economic and trade relationship. However, China's impressive rise must not come at the expense of the European economy,” Sefcovic said. “We are committed to rebalancing this relationship and establishing a level playing field in trade and investment, with symmetrical market opening.”