JAKARTA - The European Commission plans to propose new measures this year to address the security risks posed by outside investments and strengthen export controls of goods that have civilian and military use, taking into account competitors such as China.
In a document entitled "European Economic Security Strategy" seen by Reuters before it was delivered on Tuesday, June 20, the Commission outlined its views on how the European Union could make its economy more resilient and identify emerging risks.
The document states that the risks can stem from exports and investments that allow technology knowledge to fall into the hands of foreign competitors in "a limited number of key technologies that have military implications", by providing examples such as quantum computing, artificial intelligence (AI), 6G, biotechnology, and robotics.
EU executives will deliver their "communications" to lawmakers and EU countries, whose leaders are scheduled to discuss relations with China in Brussels next week.
The document does not mention China's name, but emphasizes cooperation with countries that share EU concerns and use the phrase "de-risking", its policy to reduce economic dependence on China.
EU executives need to run carefully because the granting of export licenses and considerations of security interests are national competencies that the European Union governments want to hold.
For example, the Netherlands' effective plan to ban Chinese companies from buying the most advanced semiconductor manufacturing tools from ASML.
The European Union does control the export of certain "dual-use" goods that can have military applications. The Commission plans to compile a further list with EU members regarding critical technologies for economic security.
"The EU member council is not prepared to fully hand over export controls, but it is likely that we will see more cooperation," said a EU diplomat.
The Commission will also pay attention to incoming investment and may propose a revision of its inspection mechanism before the end of 2023.
The EU diplomats said the bloc should carefully determine what risks to limit and ensure that these risks cannot be dealt with with with existing measures.
Commission documents state that they will focus on risks to supply chains, including energy, and critical infrastructure, such as telecommunications networks, as well as protecting against economic coercion and leakage of leading technologies.
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The plan points to growing concern among EU countries over economic security and vulnerability to external threats, especially from China. In recent years, China has been a major competitor in many key technologies and has gained a dominant position in certain sectors, raising concerns about its over-dependence on the country.
By proposing new measures to address security risks and strengthen export controls, the European Union seeks to safeguard its economic sovereignty, protect important knowledge and technology, and reduce dependence on countries outside the European Union that could threaten its strategic interests.
However, the implementation of these measures will require close cooperation between EU member countries, as most export-related policies and investments remain the national authority. Therefore, effective coordination and policy adjustments at the EU level will be key to achieving the desired economic security goals.
In the coming months, this issue will continue to focus on the attention of the European Union and its member states as they try to build a solid strategy to deal with complex security risks and ensure the sustainability of their economy in the face of increasingly fierce global competition.
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