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"In numerous regions, we are slowly becoming reliant on imports from China (...) Dependence comes at a cost," an official from the European Commission is quoted by the FT.
The new regulations will impact businesses in several important industries, like chemicals and industrial equipment, which have raised concerns about a significant rise in low-cost Chinese imports, according to EU officials familiar with the matter, as reported by the newspaper.
These suggestions, as stated by them, are a reaction to Beijing's limitations on exporting essential technologies. The upcoming EU regulation will establish restrictions, anticipated to be between 30-40%, on purchases from one supplier. The other components must be acquired from a minimum of three distinct suppliers, each based in different countries.
According to EU officials, Maroš Šefčovič, the European Commissioner for Trade, aims to tackle the EU's €1 billion daily trade deficit and shield companies from China's "weaponization of trade."
source: ft.com
The new regulations will impact businesses in several important industries, like chemicals and industrial equipment, which have raised concerns about a significant rise in low-cost Chinese imports, according to EU officials familiar with the matter, as reported by the newspaper.
These suggestions, as stated by them, are a reaction to Beijing's limitations on exporting essential technologies. The upcoming EU regulation will establish restrictions, anticipated to be between 30-40%, on purchases from one supplier. The other components must be acquired from a minimum of three distinct suppliers, each based in different countries.
According to EU officials, Maroš Šefčovič, the European Commissioner for Trade, aims to tackle the EU's €1 billion daily trade deficit and shield companies from China's "weaponization of trade."
source: ft.com
