EU adopts regulation for protection from third-country economic coercion

BRUSSELS, Oct 23 (KUNA) -- The EU Council of Ministers Monday adopted a regulation apparently to help the EU and its member states protect themselves from economic coercion by non-EU countries.

The new legislation, known as the Anti-Coercion Instrument, is meant to serve as a deterrent for third countries targeting the EU or its member states, said the Council in a statement.
The aim is to use this legislation to de-escalate and induce the discontinuation of coercive measures in trade and investment through dialogue.
When this is not possible, and as a last resort, the EU will be able to adopt countermeasures such as the imposition of trade restrictions, in the form of, for example, increased customs duties, import or export licences, restrictions on trade in services or access to foreign direct investment or public procurement.
"The new legislation will make the EU a stronger and more sovereign trading power, better equipped to deter and when necessary counter third countries' coercive trade measures against the EU and its member states," said Hector Gomez Hernandez, Spanish acting minister for industry, trade and tourism, whose country holds the current EU Presidency. (end) nk.mt.