The document “European Economic Security Strategy” (JOIN(2023) 20 final) issued by the European Commission and High Representative of the Union for Foreign Affairs and Security Policy, dated 20.6.2023, outlines a comprehensive strategy to enhance European economic security. This strategy responds to evolving risks and vulnerabilities exposed by recent geopolitical tensions, including the COVID-19 pandemic, Russia’s war in Ukraine, and other hostile actions affecting Europe’s economies and societies.
- Promoting EU’s Economic Competitiveness and Growth: This involves strengthening the Single Market, investing in future-oriented sectors, diversifying supply and export markets, and fostering research and industrial capacity in strategic areas such as advanced semiconductors, quantum computing, and biotechnology.
- Identifying and Protecting against Economic Security Risks: This includes deploying existing tools for trade defense, foreign subsidies, 5G/6G security, Foreign Direct Investment screening, and new instruments to counter economic coercion. The strategy emphasizes assessing and expanding the EU toolkit to tackle new risks, particularly in key enabling technologies with military applications.
- Partnering on Economic Security: The EU aims to partner with a broad range of countries sharing concerns on economic security to foster resilient value chains and strengthen the rules-based economic order. This includes bilateral and plurilateral cooperation, like the EU’s Trade and Technology Councils with the US and India, and multilateral cooperation through international fora like the G20 and UN.
The strategy also focuses on specific areas such as:
- Technology security and preventing technology leakage.
- Addressing risks related to the resilience of supply chains, including energy and pharmaceuticals.
- Strengthening the physical and cyber-security of critical infrastructure.
- Enhancing export controls on dual-use items.
- Examining security risks from outbound investments.