The EU is looking to adopt new antitrust rules that will aim to give European companies more leeway in the market. The new rules, described by Reuters as protectionist, will be unveiled in March.
Documents obtained by Reuters show that the EU wants to adopt a strategy of utilizing more aggressive trade defense instruments against companies thought to be unfairly benefiting from foreign subsidies. While the mission was not to encourage uncompetitive industries or to encourage protectionist ideas, the documents state that the EU can’t afford to abet companies that work against fair competition.
Under the new rules, the Commission will evaluate and analyze new competition rules to make sure they all work toward building a strong European industry and a place for the EU in the world.
There will also be a reckoning with how to approach new technologies, with the documents showing a new framework for how blockchain and artificial intelligence will be dealt with in the future, and to steer companies toward using those things in the future.
The documents signal a promotion of more “Important Projects of Common European Interest (IPCEI),” which will build on things like the eight-billion Euro battery project involving seven EU countries and 17 European companies from 2019. More such projects will involve industries like clean hydrogen technologies, microelectronics and low-carbon industries.
The EU will warn foreign governments more stringently against blockading their companies off and restricting access to their markets, documents say, and the EU will use new or existing tools and enforcing customs controls.
The documents say the EU will “mobilize all relevant tools including rule-making, standards, international financial instruments, trade agreements, public procurement and intellectual property rights to leverage its strengths and advantages.”
As the world continues to become more connected and Big Tech companies continue to evolve, regulation will have to happen in terms of competition. Last year, the EU turned a critical eye toward Apple Pay for its possible anti-competitive practices.
The EU looked into Google’s use of data as well, with an eye towards finding how it mined data.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI