| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | 2023/2675 |
| Publication Date | 07/12/2023 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2023/2675 - adopted by the co-legislators on 22 November 2023 - establishing an Anti-Coercion Instrument aimed at countering the use of economic coercion by third countries against Member States of the European Union (EU). This is a text with EEA relevance. Further information:Economic coercion refers to a situation where a third country is seeking to pressure the EU or a Member State into making a particular policy choice by applying, or threatening to apply, measures affecting trade or investment against the EU or a Member State. There has been an increasing and significant use of economic coercion by third countries, and the EU has lacked a legislative framework for acting against it. This Regulation establishes a framework for the EU to respond to economic coercion with the objective of deterring economic coercion or obtaining the cessation of economic coercion, whilst enabling the EU, as a last resort, to counteract economic coercion through common response measures. It also establishes a framework for the EU to seek reparation for the injury to the EU, where appropriate. The need for such a framework was highlighted in the Letter of Intent submitting by the President of the European Commission in September 2020. The Commission's 2021 Work Programme identified this initiative as a key one. Moreover, a Joint Declaration issued by the main EU institutions in February 2021 recognised that actions by third countries that seek to coerce the EU or a Member State to take or withdraw particular policy measures were of concern. The draft law was adopted by the European Commission on 8 December 2021, alongside an accompanying Communication providing its context. The plenary of the European Parliament endorsed a negotiating position on 19 October 2022. The Council of the European Union adopted its general approach on 16 November. An informal agreement between the co-legislators on a compromise text for this file was reached on 6 June 2023. This was formally endorsed by Parliament on 3 October and by the Council on 23 October. The Act was signed by the co-legislators on 22 November 2023 and published in the Official Journal on 7 December 2023. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/reg/2023/2675/oj |
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| Subject Categories | Politics and International Relations, Trade |
| Subject Tags | External Trade | Trade Agreements, Foreign Policy Instruments |
| Keywords | EU External Action, Sanctions | Restrictive Measures |
| International Organisations | European Union [EU] |
