Insurance Europe: Proposed EU anti-coercion instrument must not be used as protectionist tool
14 March 2022
Insurance Europe strongly supports the aim of the proposal: ie to empower the EU to react when a third country adopts or threatens to adopt measures to pressure either the EU or a member state into making a particular policy choice.
Insurance Europe has responded to a consultation conducted by the European Commission on its proposal for a regulation for an anti-coercion instrument (ACI).
The ACI must, however, be balanced and should not be
used as a tool to obtain EU political objectives and, furthermore, must
not be used as a protectionist tool. Moreover, it is of the utmost
importance that the EU remains open to international trade and
investment.
With that in mind, the ACI must:
- Ensure
a proportionate approach, and the industry welcomes the fact that the
regulation focuses only on deterrence and prevention. Furthermore, the
ACI should be used as a measure of last resort and only in the context
of trade measures.
- Include a compensation mechanism for companies affected by third countries’ coercive measures.
- Respect EU obligations and commitments under international law, in particular WTO commitments.
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