The EU plans to adopt more protectionist antitrust rules and encourage businesses to share data as part of an industrial policy overhaul aimed at giving European companies a sharper edge in global markets, reported Reuters.
Drafted by the European Commission and set to be unveiled in March, the strategy also includes the more aggressive use of trade defense instruments against companies deemed to be benefiting unfairly from foreign subsidies.
“Our vision is not about shielding uncompetitive industries or encouraging protectionist policies … At the same time, the EU cannot be complacent about third countries or companies undermining fair competition in the single market on global markets,” the document stated.
“This strategy sets the contours of a new and assertive industrial policy what will enable the EU to remain a global economic power,” it added.
Numerous EU countries and companies have called for Brussels to adopt a more ambitious and strategic industrial policy, complaining that others are able to take advantage of Europe’s open markets without being subjected to the same rules.
Full Content: Reuters
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