EU aims to minimize overseas reliance on chips, pharma elements -document

Tom Smith

European Union flags flutter exterior the European Fee headquarters in Brussels, Belgium, March 24, 2021. REUTERS/Yves Herman The European Union aims to slash its dependency on Chinese and other overseas suppliers in 6 strategic locations which include uncooked components, pharmaceutical components and semiconductors, under an industrial motion strategy to be […]

European Union flags flutter exterior the European Fee headquarters in Brussels, Belgium, March 24, 2021. REUTERS/Yves Herman

The European Union aims to slash its dependency on Chinese and other overseas suppliers in 6 strategic locations which include uncooked components, pharmaceutical components and semiconductors, under an industrial motion strategy to be declared upcoming week.

A draft noticed by Reuters outlined the urgency of the job in advance, citing Europe’s reliance on China for about 50 % of 137 products and solutions utilized in delicate ecosystems, mainly uncooked elements and prescribed drugs and other products essential to the bloc’s inexperienced and digital objectives.

The updated industrial tactic strategy, devised right after the COVID-19 pandemic led to bottlenecks in provide chains, will be presented by EU electronic main Margrethe Vestager and EU industry main Thierry Breton on May possibly 5.

The European Commission will conduct an in-depth review of the six regions, which also incorporate batteries, hydrogen and cloud and edge systems, before choosing on the proper measures, the draft document said.

This sort of actions could contain “diversifying provide and desire relying on unique trading associates each time doable, but also stockpiling and acting autonomously each time vital”, the 19-web page doc said.

Another approach set out in the paper to lower import dependency could see EU international locations pool assets for Essential Assignments of Frequent European Interest (IPCEIs) in next-technology cloud, hydrogen, very low-carbon market, prescription drugs and a second IPCEI on cutting-edge semi-conductors.

An IPCEI permits EU governments to pump in funding underneath much easier condition help principles and for firms to function jointly on the overall assortment of the task, from style to production and downstream applications.

Europe also needs to consider the lead in setting benchmarks for batteries, hydrogen, offshore wind, harmless chemical compounds, cybersecurity and space info to make sure the competitiveness and resilience of EU industries, the paper said.

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