The European Parliament just agreed to new measures to better equip the EU against dumping and subsidies. These allow Europe to adequately react when state subsidies or overcapacity lead to a flooding of goods onto the internal market. Member of the European Parliament Marietje Schaake (D66/ALDE) welcomes today's move by the Parliament, the final step for the legislation to enter into force on June 8th.
Schaake: "From now on, Europe will be able to quickly and effectively respond when goods are dumped on European markets. In the meantime, we are working on a system that will optimise the screening of foreign direct investments in strategic sectors, based on national security or public order concerns. These developments should be seen as part of a broader picture: in a rapidly changing global economy, Europe is standing up to countries that are shamelessly circumventing international trade rules."
Open trading system
Schaake emphasises that the new measures should not become a pretext for protectionism.
Schaake: "Faced with a mercantilist China in the east and a protectionist wind blowing from the United States, Europe's role in protecting and strengthening the multilateral trading system has become all the more important. We should lead by example, which means there is no room for veiled protectionism. Europe is a champion of an open trading system based on the rules of the world trade organisation."
Schaake recently travelled to China as a member of a delegation of the European Parliament's committee on international trade to discuss, amongst others, the dumping of Chinese steel and aluminium on European and American markets.
Plenary speech on the same topic: