European Parliament Approves Key Trade and Investment Measures
The European Parliament endorses trade liberalization for Ukraine and introduces screening rules for foreign investments.
The European Parliament has formally approved the extension of the Autonomous Trade Measures (ATM) Regulation, which suspends trade defense measures against Ukrainian imports.
Originally enacted on 4 June 2022, the regulation aims to bolster Ukraine's economy by providing vital export revenues, particularly in the steel sector.
The extension, supported by 354 votes in favor, 147 against, and 53 abstentions, will remain in effect until June 2028, pending an agreement with the Council.
Karin Karlsbro, the rapporteur for the proposal, emphasized the significance of Ukraine's steel industry as fundamental to the nation's economy amid ongoing conflict.
In a separate legislative move, the European Parliament has adopted new screening rules for foreign investment, aiming to address security risks associated with external ownership of critical sectors.
This regulation mandates that member states screen investments in vital fields including media services and transport infrastructure.
The initiative received backing with 378 votes for, 173 against, and 24 abstentions.
The Commission will have the authority to act if national screening mechanisms disagree on the potential risks posed by a foreign investment.
The current foreign investment screening framework, established on 11 October 2020, responds to escalating concerns about foreign investors acquiring control of EU firms linked to sensitive technologies and security.
The new rules are expected to streamline screening procedures across member states, enhancing both investor confidence and local security.
Additionally, the European Parliament has approved the extension of the EU’s 2022 gas storage scheme until 31 December 2027, with 425 votes in favor, 106 against, and 43 abstentions.
This measure aims to secure gas supply ahead of winter, allowing for flexible refilling targets.
Under the proposed adjustments, member states may now aim for a filling target of 83% rather than the previously mandated 90%, with provisions for additional deviations due to market conditions.
In a related context, MEPs have also advocated for a complete embargo on Russian gas imports, citing the ongoing war in Ukraine as a justification for this stance.
The Parliament intends to provide more flexibility in gas storage obligations while emphasizing the urgency of reducing reliance on Russian gas.
Furthermore, the Parliament supported a proposal aimed at assisting the European automotive sector, enabling car manufacturers to average their CO2 emissions over a three-year period, instead of adhering to strict annual targets.
This arrangement, which received 458 votes for and 101 against, aims to facilitate compliance amid evolving technological landscapes and competitive pressures in the industry.
The proposal now awaits formal approval from the Council to be enacted.
These legislative actions reflect a significant response from the European Parliament to global challenges, including security concerns arising from geopolitical tensions and the need for economic resilience in member states.
Originally enacted on 4 June 2022, the regulation aims to bolster Ukraine's economy by providing vital export revenues, particularly in the steel sector.
The extension, supported by 354 votes in favor, 147 against, and 53 abstentions, will remain in effect until June 2028, pending an agreement with the Council.
Karin Karlsbro, the rapporteur for the proposal, emphasized the significance of Ukraine's steel industry as fundamental to the nation's economy amid ongoing conflict.
In a separate legislative move, the European Parliament has adopted new screening rules for foreign investment, aiming to address security risks associated with external ownership of critical sectors.
This regulation mandates that member states screen investments in vital fields including media services and transport infrastructure.
The initiative received backing with 378 votes for, 173 against, and 24 abstentions.
The Commission will have the authority to act if national screening mechanisms disagree on the potential risks posed by a foreign investment.
The current foreign investment screening framework, established on 11 October 2020, responds to escalating concerns about foreign investors acquiring control of EU firms linked to sensitive technologies and security.
The new rules are expected to streamline screening procedures across member states, enhancing both investor confidence and local security.
Additionally, the European Parliament has approved the extension of the EU’s 2022 gas storage scheme until 31 December 2027, with 425 votes in favor, 106 against, and 43 abstentions.
This measure aims to secure gas supply ahead of winter, allowing for flexible refilling targets.
Under the proposed adjustments, member states may now aim for a filling target of 83% rather than the previously mandated 90%, with provisions for additional deviations due to market conditions.
In a related context, MEPs have also advocated for a complete embargo on Russian gas imports, citing the ongoing war in Ukraine as a justification for this stance.
The Parliament intends to provide more flexibility in gas storage obligations while emphasizing the urgency of reducing reliance on Russian gas.
Furthermore, the Parliament supported a proposal aimed at assisting the European automotive sector, enabling car manufacturers to average their CO2 emissions over a three-year period, instead of adhering to strict annual targets.
This arrangement, which received 458 votes for and 101 against, aims to facilitate compliance amid evolving technological landscapes and competitive pressures in the industry.
The proposal now awaits formal approval from the Council to be enacted.
These legislative actions reflect a significant response from the European Parliament to global challenges, including security concerns arising from geopolitical tensions and the need for economic resilience in member states.
