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The EU increases its chances of defending its interests in the event of trade disputes
EU Regulation 167/2021 has entered into force
February 19, 2021
In particular, the Regulation that has just entered into force gives the EU the power to act to protect its interests within the World Trade Organization (WTO) and within the bilateral agreements in the event that a trade dispute is blocked despite every reasonable effort put in place eu to follow dispute settlement procedures. The previous Regulation No 654 of 2014 allowed the EU to act only after the completion of the process of dialing the Dispute.
In addition, the new Regulation 167/2021 expands the scope of application of the Regulation and possible countermeasures in the field of services and certain aspects of property rights intellectual rights related to trade, while the previous Regulation only allowed countermeasures focused on the exchange of goods.
Pointing out that "the European Union must be able to to defend against unfair commercial practices', the Commissioner European Trade Commissioner Valdis Dombrovskis stressed that "these new rules will help us protect ourselves from those who they try to take advantage of our openness." specifying that the EU continues to work on the reform of a multilateral regulation that includes an effective system of dispute resolution, a reform that is the objective of the the EU's primary ministry, 'however,' said Mr Dombrovskis, 'in in the meantime we cannot afford to remain helpless. These measures allow us to respond decisively and decisively.'
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In particular, the Regulation that has just entered into force gives the EU the power to act to protect its interests within the World Trade Organization (WTO) and within the bilateral agreements in the event that a trade dispute is blocked despite every reasonable effort put in place eu to follow dispute settlement procedures. The previous Regulation No 654 of 2014 allowed the EU to act only after the completion of the process of dialing the Dispute.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
