It is widely held that geopolitical tensions in the world are on the rise. One of the clear indicators of this phenomenon is the increasing use of economic tools for the pursuit of strategic and geopolitical goals. This can take the form of coercion used by one country against another through restrictions on trade or investment in order to interfere with their sovereign choices. In response to the EU and its Member States becoming the target of deliberate economic coercion in recent years, on 8 December 2021 the Commission published a proposal for the adoption of an anti-coercion instrument that would allow the EU to respond more effectively to such challenges on a global scale. While the new framework is primarily designed to deter economic coercive action through dialogue and engagement, it also allows – as a last resort –retaliation, with countermeasures comprising a wide range of restrictions relating to trade, investment and funding. While there is broad support for creating a legislative tool to address the growing problem of economic coercion, expert opinions were divided as regards the severity of countermeasures and the manner of establishing when they should be imposed. The Parliament adopted its position in plenary in October 2022, and trilogue negotiations concluded successfully in June 2023. Parliament approved the agreement in plenary by a large majority on 3 October 2023 and the final act was signed on 22 November 2023. The regulation entered into force on 27 December 2023.
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- Belgium
