European Commission proposes ‘Buy EU’ plan to compete against China
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<p>Plan, which aims to preserve jobs in clean tech and low carbon sectors, could include UK if there is reciprocal market access</p><p>The European Commission has proposed a “Buy EU” plan to boost domestic low-carbon industries and help the continent compete against China.</p><p>The commission published a draft regulation – called the Industrial Accelerator Act – on Wednesday, setting demands for EU-made and low-carbon content on bodies spending public money. The ru
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European Commission proposes ‘Buy EU’ plan to compete against China Plan, which aims to preserve jobs in clean tech and low carbon sectors, could include UK if there is reciprocal market access The European Commission has proposed a “Buy EU” plan to boost domestic low-carbon industries and help the continent compete against China. The commission published a draft regulation – called the Industrial Accelerator Act – on Wednesday, setting demands for EU-made and low-carbon content on bodies spending public money. The rules mark a major shift in economic thinking from Brussels, long a bastion of open markets. But after internal disputes, EU officials left the door open to including countries with close economic ties to the bloc, such as the UK, if there is reciprocal market access. Stéphane Séjourné, the European Commission vice president in charge of industry, described the act as “a change in doctrine” that would have been “unthinkable even just a few months ago”. Alluding to the turmoil in the Middle East that has sent energy prices soaring , Séjourné, a former French foreign minister, said events in Iran underscored the need for a plan to shore up European industry. “Without a strong industrial base, without a European social model, we won’t have any climate transition and we won’t have strategic autonomy,” he said. Inspired by French government ideas, the plan is a response to intense competition from Beijing that has seen Europe lose its once thriving solar panel industry to China. Séjourné said: “If we do nothing then it’s quite clear that very soon 100% of tech technology will be produced in China.” EU officials suggested the UK and Japan could be counted as domestic producers when it comes to procurement of electric vehicles, because their markets are open. In contrast, countries with more closed markets such as the US and India would be likely to face restrictions. Séjourné declined to specify “who’s in, who’s out”, while promising a “reciprocity assessment” ...
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