EU leaders resolve to boost economic security amid global tension. The European Union’s leaders committed on Friday to increase the bloc’s competitiveness, lead the way in developing new digital and green technologies, and lessen its dependency on other nations, particularly China.

The leaders of the EU stated the COVID epidemic and Russia’s invasion of Ukraine in February 2022 had put the bloc’s resiliency to the test and that the EU needed to increase its competitiveness in a statement following an EU meeting in Spain.

They said that the 27-nation EU should strengthen its single market, lessen reliance on imports of raw materials, essential pharmaceuticals, and digital and green technology, and increase investment in research and skills.

“We will strengthen our position as an industrial, technological and commercial powerhouse, putting a special focus on areas of high added value where we already have a competitive edge or can become a frontrunner,” the statement continued.

Discussions over European Commission proposals that might result in greater regulation of technology exports and inflows, particularly those that could be used for military purposes, should be guided by the Granada declaration in the coming months.

The EU executive intends to collaborate with the 27 EU states to determine by the end of the year if advanced semiconductors, artificial intelligence, quantum technology, and biotechnology pose any threats to the economic security of the union.

It is a component of the European Economic Security Strategy, which was announced by the Commission in June and asked for the development of the EU’s internal market, the encouragement of research, the formation of partnerships with dependable partners, and the use of both current and potential future trade defense instruments.

One application of those techniques is investigating whether Chinese electric vehicles are unjustly receiving subsidies abroad. According to a source in the EU, other investigations into Chinese exports like wind turbines are expected to come after this one.

The extent to which nations are willing to harmonize their national security strategies and cede some authority to Brussels will be a topic of discussion. The degree to which European markets should remain accessible to foreign businesses will be another factor. While some nations, like Sweden and the Netherlands, favor more open markets, others, like France, emphasize safeguarding indigenous manufacturers more.