Brussels [Belgium], December 4: The European Commission on Wednesday unveiled a new economic security strategy meant to better anticipate risks facing the EU market amid escalating threats to global trade.
The EU executive is aiming to improve the EU market's defences against threats from third countries with a new economic doctrine that combines risk anticipation with a reinforced strategy, according to Euro News.
"Europe remains a champion of open trade and global investment, but openness without security becomes vulnerability," said European Commissioner for Trade and Economic Security Maroš Šefčovič. "To stay resilient in a shifting geopolitical and geoeconomic landscape, we must use our tools more strategically and assertively, while developing new ones to reinforce our economic security."
The EU wants to include economic security considerations in its trade defence investigations. The bloc has several tools at its disposal, including foreign direct investment, subsidies screenings and anti-dumping mechanisms.
Source: Emirates News Agency