The European Union will outline economic security risks and measures to counter them, reflecting on lessons learned from reliance on Russian energy and striving for a well-balanced stance in relation to China.
The EU will on Tuesday detail the economic security risks facing the block and new tools Brussels can use to muscle up against rivals Russia and China.
The bloc wants to learn lessons from the aftermath of Moscow’s invasion of Ukraine last year, when Brussels realized too late how over-reliant the EU had become on Russian energy and had to scramble to find new resources.
After the devastating supply chain shocks during the coronavirus pandemic, it has already sought to bring more production nearer to or into Europe.
In the face of pressure from the United States to take a harder line, Brussels wants to define its approach to Beijing that balances concerns over relying too much on China with maintaining trade ties with the world’s second-biggest economy.
While the commission has not directly described the strategy as a response to Beijing, the EU has adopted measures to challenge China’s growing economic might.
Some EU member states worry about antagonizing China and starting a trade war, while others argue now is the time to act to protect the bloc’s economic security.
The commission has announced plans to push Europe to produce more clean technology, including critical raw materials needed to manufacture dozens of electrical products.
EU leaders will discuss the plans at a summit in Brussels next week.
Miroslava Salazar with AFP
