|Author (Corporate)||Council of the European Union, European Parliament|
|Series Title||Official Journal of the European Union|
|Series Details||L 49, Pages 1-5|
|Content Type||Blog & Commentary, Legislation, News, Policy-making|
Regulation (EU) 2021/167 - formally signed by the co-legislators on 10 February 2021 - aimed at allowing the European Union (EU) to protect its trade interests despite the paralysis of the multilateral dispute settlement system in the World Trade Organization (WTO).
The initiative concerns an amendment of Regulation (EU) No 654/2014 concerning the exercise of the Union's rights for the application and enforcement of international trade rules and amending Council Regulation (EC) No 3286/94 laying down procedures in the field of the common commercial policy in order to ensure the exercise of the EU's rights under international trade rules, in particular those established under the auspices of the World Trade Organization (WTO).
The objective of the amendment is the protection of the Union’s interests under international trade agreements in situations when third countries adopt illegal measures and simultaneously block a dispute settlement process. The amendment extends the scope of the Enforcement Regulation to allow for action in a situation of dispute settlement procedures that are blocked. This proposal for this Regulation came as a direct reaction to the blockage of the operations of the WTO Appellate Body.
The proposal for this Act was tabled by the European Commission on 12 December 2019. Member State representatives adopted the Council's negotiation position on this proposal on 8 April 2020. The European Parliament's relevant committee adopted its own position on 6 July. An informal agreement between the co-legislators on a compromise text for the initiative was reached on 28 October. The Parliament's plenary formally endorsed it on 19 January 2021, followed by the Council of the European Union on 3 February. The Act was formally signed on 10 February 2021 and published in the Official Journal on 12 February 2021.
|Subject Tags||External Trade | Trade Agreements|
|International Organisations||European Union [EU], World Trade Organisation [WTO]|