With increased uncertainty surrounding global trade and foreign investment, and calls for more clarity from industry and research sectors on terms like “strategic autonomy” and “dual use”, a key update to the European Economic Security Package has been proposed just six months after the original document was agreed by the European Parliament and Council.
As one of its first outputs to start the new year, the European Commission has issued the update to “strengthen the EU’s economic security at a time of growing geopolitical tensions and profound technological shifts”.
The new package of five initiatives seeks to: (1) tighten inbound investment screening rules, (2) advance export control conformity throughout the European Union, (3) contemplate the establishment of an outbound investment screening mechanism, (4) scale up dual-use and advanced technology research, and (5) protect research and advanced technology from leaking to strategic competitors.
The revision to the Strategy thus adds a wider geopolitical dimension to what was a largely “economic growth” focused policy goal laid out in the June 2023 agenda. The new Commission proposals are considered integral to the EU’s comprehensive approach to economic security as characterised by three key pillars: fostering competitiveness, mitigating risks, and forging partnerships with countries where economic security interests are aligned.
This tacitly reinforces the EU’s Global Approach to research and innovation in a changing world, elements of the main pillars of the Horizon Europe flagship R&I funding programme, as well as efforts to widen and strengthen the European Research Area.
Open and outward-looking, mutually beneficial relationships with like-minded partners are the centre point of Europe’s Global Approach to international R&I cooperation, launched in May 2021, while at the same time safeguarding strategically important sectors.
The above is an extract of the article "Research implications on Europe’s Economic Security Package update" which was published as focus article in the 1st EURAXESS ASEAN Quarterly Newsletter (April 2024). The articles focuses, amongst others, on these questions:
What sort of risks does the Strategy deal with?
What to define dual-use technology?
What are strategies to better align economic, security and R&I interests?
How can the EU bolster national and sectoral research?
What is the ultimate goal for the strategy?
How can Europe build a unity for economic security?
Read the full article here.