COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL Advancing European economic security: an introduction to five new initiatives
Date: 2024-01-24
Institutions: European Union, Secretariat-General
Subjects: EU initiative, EU research policy, European security, common security and defence policy, dual-use technology, economic policy, export (EU), export monitoring, investment, research and development

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   EUROPEAN COMMISSION  Brussels, 24.1.2024  COM(2024) 22 final  COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL Advancing European economic security: an introduction to five new initiatives  
 
 
1.  Introduction   

Context 

On  20  June  2023  the  European  Commission  and  the  High  Representative  for  Foreign  and 
Security Policy adopted a Joint Communication on a European Economic Security Strategy1. 
Premised  on  the  notion  that  the  EU  thrives  in  an  open  and  rules-based  world,  the  strategy 
highlighted that new economic security risks are emerging as a result of increasing geopolitical 
tensions, geo-economic fragmentation and profound technological shifts.  

The strategy set out a comprehensive approach to European economic security. In particular, 
it provides a framework for assessing and addressing - in a proportionate, precise and targeted 
way - risks to EU economic security, while ensuring that the EU remains one of the most open 
and  attractive  destinations  for  business  and  investment.  In  full  respect  of  Member  States’ 
prerogatives,  the  strategy  underlined  the  need  to  develop  a  more  cohesive  and  impactful 
common EU approach.  

Recognising  that  risks  to  our  economic  security  challenges  change  over  time,  linked  to  the 
broader geopolitical and geo-economic context, the strategy identified four risk categories to 
be addressed as a matter of priority, i.e. risks to the resilience of supply chains; risks to the 
physical  and  cyber-security  of  critical  infrastructure;  risk  for  technology  security  and  of 
technology  leakage;  and  risk  of  weaponisation  of  economic  dependencies  or  economic 
coercion. 

To address these risks, the Strategy is structured around three pillars: 

•  Promoting  the  EU’s  competitiveness  and  growth,  strengthening  the  Single  Market, 
supporting  a  strong  and  resilient  economy,  and  strengthening  the  EU’s  scientific, 
technological and industrial bases. 

•  Protecting the EU’s economic security through a range of policies and tools, including 

targeted new instruments where needed. 

•  Partnering and further strengthening cooperation with countries worldwide who share 
our concerns and those with which we have common economic security interests.  

As  part  of  the  rollout  of  the  European  Economic  Security  Strategy,  this  Communication 
presents  five  initiatives  to  enhance  the  EU’s  economic  security,  while  taking  stock  of    the 
progress made on other work strands.       

2.  The package 

The initiatives proposed today aim at: 

(1) improving  existing  legislation  (proposal  for  a  revision  of  the  Regulation  on  the 

screening of Foreign Direct Investment);  

(2) fostering further discussions within the EU on export controls of dual-use technologies 

that impact our security (White Paper on Export Controls);  

1 Joint Communication by the European Commission and the High Representative of the Union for Foreign Affairs and 
Security Policy: European Economic Security Strategy, 26.06.2023, JOIN (2023) 20 final 

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(3) consulting Member States and stakeholders on potential risks stemming from outbound 
investments, focusing at this stage on actions needed to enable a better identification of 
such risks (White Paper on Outbound Investment); 

(4) promoting further discussions within the EU on  how to  better promote  research and 
development involving technologies with dual-use potential (White Paper on options 
for enhancing support for research and development involving technologies with dual-
use potential);  

(5) proposing  that  the  Council  recommends  measures  aimed  at  strengthening  research 
security  at    national  and  sector  level  (Proposal  for  a  Council  Recommendation  on 
enhancing Research Security). 

Future  EU  actions  will  continue  to  be  informed  by  the  on-going  risk  assessments  and  by 
continuous strategic coordination with Member States to reach a common understanding of the 
risks  that  Europe  faces  and  of  the  appropriate  actions  -  under  the  three  pillars  of  promote, 
protect and partner - to tackle them. 

a.  New initiatives related to investment and trade 

Proposal for a new regulation on the screening of foreign investments  

Regulation 2019/452 establishing a framework for the screening of foreign direct investments 
into the EU ("FDI Screening Regulation”) is in place for just over three years. The Regulation 
established  a  cooperation  mechanism  which  has  enabled  the  Member  States  and  the 
Commission to exchange information on more than 1.200 transactions and flag concerns on 
foreign  direct  investments  (FDIs)  in  the  single  market  that  present  potential  risks  to  their 
security and public order. It has allowed the Commission and Member States to identify, assess 
and  act  on  threats  resulting  from  certain  investors  and  cross-border  vulnerabilities.  As  any 
restrictions are based on a limited and targeted exception justified by security or public order 
concerns, the regulation has confirmed the EU’s overall openness to FDI. 

The legislative proposal presented by the Commission today aims at revising this framework, 
based on an evaluation of the regulation2. It builds on the experience of the first three years of 
operation,  as  well  as  an  assessment  made  by  OECD  experts  in  November  20223,  and  the 
findings and recommendations of a special report issued by the European Court of Auditors on 
6 December 20234.  

The proposed regulation will improve  the effectiveness of the FDI Screening Regulation by 
addressing the shortcomings of the current mechanism. It aims to ensure that all Member States 
have a screening system in place so as to avoid loopholes in the screening of risky transactions, 
to focus on the cases which present the highest risks and ensure there is greater accountability 
within  the  system  in  respect  of  the  security  or  public  order  concerns  expressed  by  Member 
States and/or the Commission.  

The  Commission  aims  to  promote  greater  efficiency  in  the  cooperation  mechanism  by 
facilitating  convergence  of  national  systems.  The  proposed  regulation  also  extends  the 
cooperation mechanism to intra-EU transactions where the investor is controlled by a foreign 

2 See the Staff Working Document as part of the package adopted with this Communication. 
3 https://www.oecd.org/daf/inv/investment-policy/oecd-eu-fdi-screening-assessment.pdf 
4 https://www.eca.europa.eu/en/publications/SR-2023-27 

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company.  It  would  therefore  close  gaps  that  may  undermine  the  EU’s  ability  to  protect  its 
security or public order. 

White Paper on Export Controls 

Multilateral Export Control Regimes remain at the heart of the control of dual-use technologies 
in the EU. As the Economic Security Strategy anticipated, geopolitical tensions and the pace 
of technological change mean there is a need for more coordinated action at EU level. The EU 
therefore  must  make  full  use  of  the  possibilities  under  the  Dual-Use  Regulation.  A 
multiplication of national controls by Member States would risk undermining the effectiveness 
of the EU export controls framework, of Member States’ controls themselves, and the integrity 
of the Single Market. This risk is more pronounced in the current environment, where divergent 
approaches of Member States to specific technologies could weaken the security of the EU as 
a whole. 

Improved coordination of export controls at EU level would increase the ability of the EU and 
Member States to act effectively in a geo-political context, for example by taking the lead in 
defining  a  shared  agenda  with  partners.  It  would  also  reinforce  the  EU  ability  to  confront 
possible unilateral actions by third countries seeking to impose new export controls, including 
on  emerging  technologies,  or  to  manage  cases  of  pressure  (on  the  EU  or  specific  Member 
States) from third countries in response to such controls.   

Since the adoption of the Dual-Use Regulation in 2021, the global context for export controls 
has changed. Russia’s war of aggression against Ukraine has been met with rapid deployment 
of sanctions, including in the form of export restrictions on dual-use and sensitive items. At the 
same time, the ability of the multilateral export control regimes to take decisions on new items 
to be subject to controls and to keep pace with technological developments has been hampered 
as some of their members are blocking the decision-making processes. Furthermore, a united 
EU  voice  in  the  development  of  future  controls  on  specific  technologies  has  not  yet  been 
sufficiently articulated. For these reasons, there is a need to reinforce the EU’s ability to act 
internationally in an effective manner. 

The White Paper on Export Controls proposes both short and medium-term actions to address 
these concerns. In the short term, also to safeguard the important technical work carried out in 
multilateral regimes, the Commission will make a proposal to introduce uniform EU controls 
for those items that would have been adopted in the multilateral regimes had it not been for the 
blockage of the decision-making process within these regimes. The Commission also proposes 
to  create  a  forum  for  political  coordination,  which  would  allow  discussions  between  the 
Commission and Member States at an appropriate senior level to foster common EU positions 
on export controls.  

By  summer  2024,  the  Commission  will  adopt  a  Recommendation  to  improve  coordination 
between Member States and the Commission on any new National Control List envisaged by a 
Member State before adoption, to allow for comments on potential effects beyond that Member 
State’s borders. This would improve the EU capacity to identify risks linked to items which are 
not yet controlled at the multilateral level. 

In the medium term, the Commission will advance the evaluation of the Dual-Use Regulation 
to the first quarter of 2025 to assess and, subsequently, potentially make proposals to remedy 
any shortcomings in its effectiveness and efficiency. This evaluation will be supported by a 
comprehensive study in 2024 and will also draw on the results of the risk assessments of critical 
technology areas outlined above. 

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The White Paper should also trigger a broader debate about the type of export controls needed 
and how to best cooperate internationally to respond to current and future challenges.   

White Paper on Outbound Investment  

The June Joint Communication on the European Economic Security Strategy recognises the 
importance  of  open  global  markets  for  the  success  and  economic  security  of  the  European 
Union. It also acknowledges the growing concerns regarding outbound investments in a narrow 
set of advanced technologies that could enhance military and intelligence capacities of actors 
who may use these capabilities to threaten international peace and security. While the EU and 
its Member States already screen foreign direct investments into the EU and control the exports 
of dual-use technologies outside the EU, there is currently no scrutiny of investments that flow 
out of the EU to third countries.  

In July 2023, the Commission set up an Expert Group on outbound investments with Member 
States to advance the discussion in these issues. Its preliminary assessment is that more work 
and analysis are needed for the Commission and the Member States to determine any necessary 
policy response to these growing concerns.  

The Commission now seeks to broaden and structure this discussion on the basis of a White 
Paper to better understand outbound investments in certain strategic sectors and any potential 
related risks. The Commission envisages to recommend that this is supported by Member State 
monitoring and assessment of the current situation. On the basis of this monitoring over a 12 
months’ period, the Commission, together with Member States, could undertake an assessment 
of  risks  to  EU  security,  based  on  a  common  methodology,  to  establish  whether  and  what 
mitigating measures might be required.    

b.  New initiatives related to research and innovation 

Proposal for a Council Recommendation on Research Security 

The proposed Council Recommendation aims at better supporting and empowering Member 
States as well as higher education institutions and other public and private research performing 
organisations across Europe to identify and address research security risks. This will help to 
ensure that research and innovation actions are not misused in ways that affect the EU’s security 
or infringe ethical norms.  

While national governments are best placed to support the R&I sector, EU-level cooperation 
and coordination is needed to ensure a proper functioning of the European Research Area. 

Building  on  the  work  already  done  and  in  line  with  the  principle  of  academic  freedom,  the 
proposed  Recommendation  aims  to  mobilise  all  Member  States  to  create  awareness  and 
strengthen  resilience  in  the  research  and  innovation  sector.  Member  States  would  be 
recommended  to  establish  a  policy  framework  for  research  security  based  on  a  whole-of-
government  approach,  creating  support  structures,  introducing  safeguards  through  funding 
organisations,  incentivising  universities  and  other  public  and  private  research  performing 
organisations  to  appoint  research  security  advisers  and  introducing  due  diligence  and  risk 
management processes.  

The  measures  taken  by  Member  States  should  be  proportionate,  with  emphasis  on  self-
governance by the sector in line with academic freedom and institutional autonomy. The overall 
approach should be risk based and avoid all forms of discrimination and stigmatisation. 

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To  complement  these  efforts,  the  EU  would  support  policy  learning,  coordination  and 
consistency  among  Member  States,  through  existing  European  Research  Area  governance 
structures and establishment a European Centre of Expertise on Research Security.  

The Commission would monitor the progress in the implementation of this Recommendation 
as part of the biennial reporting on the Global Approach to Research and Innovation and may, 
taking into account the evolution of the geopolitical situation, propose further actions. 

White  Paper  for  enhancing  support  for  research  and  development  involving  technologies 
with dual-use potential  

Many technologies that are critical for the EU’s economic security have a dual-use potential: 
these technologies are relevant for many fields in both civil and defence domains and could 
benefit  European  industry  and  the  wider  economy.  In  the  face  of  geopolitical  challenges, 
support for R&D involving technologies with dual-use potential is increasingly relevant.  

The  White  Paper  adopted  today  reviews  the  support  offered  under  current  EU  funding 
programmes and identifies potential options for their enhancement. For example, programmes 
like the EU Defence Innovation Scheme (EUDIS) under the European Defence Fund (EDF) 
aim at identifying promising technologies in the civil domain and promote their uptake in the 
defence domain.  

It puts forward three possible options for the future: (1) going further based on the current set-
up and strengthening it, (2) removing the exclusive focus on civil applications in selected parts 
of the successor programme to Horizon Europe, and (3) creating a dedicated instrument with a 
specific  focus  on  dual-use  R&D.  With  the  White  Paper,  the  Commission  launches  a  broad 
consultation  with  public  authorities,  civil  society,  industry  and  academia  on  options  for 
strategic  support  to  dual-use  technology  development.  This  consultation  will  allow  a 
comprehensive  dialogue  with  all  parties  concerned  that  will  inform  the  Commission’s  next 
steps. 

3.  Progress on other Economic Security-related work  

Since the adoption of the Economic Security Strategy last June, intensive work has continued 
on the main dimensions of EU economic security.  

Risk assessments  

On  3  October  2023,  the  Commission  adopted  a  Recommendation  to  the  Member  States 
identifying ten technology areas as critical for the EU’s economic security. Four of these 
technologies  were  recommended  for  an  urgent  joint  risk  assessment  by  Commission  and 
Member States5: Advanced Semiconductor Technologies, Artificial Intelligence Technologies, 
Quantum Technologies and Biotechnologies.  

The Commission and Member States are currently working on these risk assessments, drawing 
on inputs from stakeholders, including through the Industrial Forum, with a view to reporting 
in  February.  The  work  on  the  risk  assessments,  which  focuses  particularly  on  risks  to 
technology security and technology leakage, is complementary to the work of the Commission-
run Observatory of Critical Technologies, which provides regular monitoring and analysis 
of critical technologies of the EU defence, space and related civil value chains.  

5 C(2023) 6689 final 

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The  Commission  is  also  continuing  work  on  the  three  other  risk  assessments  that  were 
identified in the Strategy (i.e. resilience of supply chains; physical and cyber-security of critical 
infrastructure and weaponization of economic dependencies or economic coercion).  

For  example,  supply  chain  risks  are  monitored  via  the  Supply  Chain  Alert  Notification 
“SCAN”  analysis  to  assess  strategic  dependences  and  supply  chain  distress6.  This  risk 
assessment is based on data-driven methodologies to identify EU strategic dependencies across 
sensitive  industrial  ecosystems  (i.e.  relating  to  areas  like  security  and  safety,  the  health  of 
Europeans,  the  green  and  digital  transitions),  as  well  as  those  dependencies  which  may 
represent  vulnerabilities  to  the  EU’s  economic  security.  The  data-driven  approach  is 
complemented  with  an  intelligence-based  qualitative  assessment  in  order  to  understand  the 
supply chain implications of disruptive effects affecting particular goods and ecosystems. 

As regards the physical and digital security of critical infrastructure, the Critical Entities 
Resilience Directive which entered into force on 16 January 2023 provides for Member States 
to carry out risk assessments by 17 January 2026 on essential services. The NIS 2 Directive7 
provides  the  framework  for  coordinated  risk  assessment  on  the  cybersecurity  of  critical 
infrastructure. These risk assessments will also guide the actions set out under the  proposed 
by the Commission in April 2023, and in particular the coordinated preparedness testing.Cyber 
Solidarity Act,   

Several  assessments  have  been  performed  already  and  some  are  ongoing:  for  example,  the 
assessment  on  5G8  and  on  cybersecurity  implications  of  Open  Radio  Access  Networks 
(OpenRAN)9 that will in the coming years provide an alternative way of deploying the radio 
access  part  of  5G  networks  based  on  open  interfaces.  As  regards  critical  infrastructures, 
effective measures to strengthen the security and resilience of submarine cable infrastructures 
are also key.  

The Commission is also working with Member States to assess risk levels and areas of potential 
weaponisation of economic dependencies or economic coercion. This assessment looks at 
potential impacts and likelihood of such practices directed against the EU. It considers various 
actions  that  could  seek  to  interfere  with  the  legitimate  sovereign  choices  of  the  EU  and  its 
Member States or otherwise weaponise economic dependencies in relations with the EU. 

Risk assessments Where will contribute to informing decisions on whether further action 
is  warranted.  this  is  considered  necessary,  the  Commission  will,  when  appropriate  in 
coordination with the High Representative, propose additional actions to be taken to mitigate 
risks through promoting, protecting or partnering measures. 

Research security in current EU funding programmes  

As the EU is  one of Europe’s biggest research funders  the Commission  has taken action  to 
boost research security, by shoring up the  application of the  existing  safeguards to  ensure 
research security, based on a strict risk-based approach. These safeguards aim at protecting the 

6 For more details, see SWD(2021) 352 final and Arjona et al. (2023) 
7 Directive (EU) 2022/2555 of the European Parliament and of the Council of 14 December 2022 on measures for a high 
common level of cybersecurity across the Union 
8 Report on EU coordinated risk assessment of 5G (europa.eu) 

9 Cybersecurity of Open Radio Access Networks | Shaping Europe’s digital future (europa.eu) 

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Union’s strategic assets, interests, autonomy or security under the Horizon Europe and Euratom 
Regulations10. The EU has also adopted guidelines for research involving dual-use items, to 
ensure that risks are effectively identified, managed and mitigated by authorities and research 
organisations11. 

The implementation of these safeguards is being further enhanced in the framework of the 
Horizon  Europe  Regulation.  Concretely,  31  actions  under  the  2023-2024  work  programme 
(3.5% of total) have restricted eligibility under Article 22.5 of the Regulation, meaning entities 
based in, owned or controlled from certain third countries may not participate in such actions. 
In addition, cooperation with entities based in China has been excluded for innovation actions, 
under Article 22.6 of the Regulation. The participation of legal entities from Russia and Belarus 
in all topics under Horizon Europe has been excluded in line with EU sanctions regime12.  

The Commission reinforced its monitoring system for cases of transfer of ownership of results 
of EU-funded research projects to non-associated third countries. It is also working together 
with national authorities to determine whether Horizon Europe and Euratom projects comply 
with applicable security rules, in particular regarding the sensitivity of information.  

In  addition,  the  Commission  has  introduced  investment  safeguards  under  the  European 
Innovation  Council,  to  be  included  in  investments  in  small  and  medium-sized  enterprises 
(SMEs) and start-ups developing technologies and innovations that may pose risks to economic 
security, if acquired by non-associated third countries. All of this experience has fed into the 
preparation of the abovementioned proposal for a Council Recommendation, presented today. 

Promoting and partnering 

As  part  of  the  “promote”  pillar  of  the  Strategy  and  in  the  broader  context  of  the  EU 
competitiveness  agenda,  the  Commission  has  strengthened  the  Single  Market  and  the 
Union’s economic base. Several important steps have been taken to strengthen the resilience 
of the EU economy and  the competitiveness of Europe's economy and industry, including by 
improving access to finance, implementing important social initiatives of the European Pillar 
of  Social  Rights  Action  Plan  and  boosting  investments  and  reforms  through  the  roll-out  of 
NextGeneration EU and the Cohesion Funds. Some of these steps that contribute to the EU’s 
economic security are outlined in the (non-exhaustive) examples below. 

The Single Market Emergency Instrument, once adopted by the co-legislators, will put the 
EU in a better position to monitor essential goods and services in the context of a crisis and 
ensure a governance framework for fast collective reactions. The Critical Raw Materials Act 
will ensure the EU's access to a secure, diversified, affordable and sustainable supply of critical 
raw materials. The Net-Zero Industry Act will foster the competitiveness of our industry and 
facilitate  the  transition  to  a  net-zero  economy.  AggregateEU  will  help  to  diversify  energy 
import sources, whilst the EU's electricity market design reform will accelerate the surge in 
renewables, thus diversifying energy supplies and limiting dependencies.  

10 Regulation (EU) 2021/695 of the European Parliament and of the Council of 28 April 2021 establishing Horizon Europe – 
the  Framework  Programme  for  Research  and  Innovation,  laying  down  its  rules  for  participation  and  dissemination,  and 
repealing Regulations (EU) No 1290/2013 and (EU) No 1291/2013. 
11 Commission Recommendation (EU) 2021/1700 of 15 September 2021 on internal compliance programmes for controls of 
research involving dual-use items under Regulation (EU) 2021/821 of the European Parliament and of the Council setting up 
a Union regime for the control of exports, brokering, technical assistance, transit and transfer of dual-use items. 
12 Council Regulation (EU) No 833/2014 of 31 July 2014  and Council Regulation (EU) 2021/1986 of 15 November 2021 

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The  upcoming  Advanced  Materials  for  Industrial  Leadership  Initiative  will  foster  the 
production  and  use  of  innovative  and  sustainable  materials  in  the  EU.  The  upcoming  EU 
Biotech  and  Biomanufacturing  initiative  will  promote  competitiveness  in  this  critical 
technology.  It will, inter alia, take into account the results of the abovementioned joint risk 
assessment.  The reform of the ,EU Customs Union proposed in May 2023, will ensure that 
customs authorities have tools and resources to properly assess exports and stop imports which 
are illegal or pose real security risks to the EU, its citizens and its economy. 

Progress  is  also  being  made  on  promoting  critical  technology  areas.  The    Policy 
ProgrammeDigital  Decade13  has  set  the  framework  for  fostering  the  development  and 
deployment of European strategic digital technologies and services. The EU Cyber Resilience 
Act will ensure that hardware and software products, such as wireless and wired devices, are 
more cyber-secure for business users and consumers across the Union and will better position 
EU industry through leadership on related standards.  

Political  negotiations  are  ongoing  on  the  Strategic  Technologies  for  Europe  Platform 
(STEP). , thisOnce  adopted will  leverage  and steer existing  EU   instruments  to  support the 
development  of  manufacturing  of  critical  technologies  in  the  Union.  The  Chips  Joint 
Undertaking, inaugurated end November 2023, bridges the gap between research, innovation 
and deployment, notably through EUR 1.67 billion funding from the EU for four pilot lines.  

The EU’s Artificial  Intelligence Act,  which  was politically agreed  in  December 2023  will 
boost investment and innovation across the EU by providing businesses with legal certainty 
and creating trust for consumers and businesses using AI. It will shortly be complemented by 
a Commission initiative to enhance the cooperation between AI start-ups and the EU’s growing 
supercomputer capacity and to develop the EU’s AI innovation ecosystem. Furthermore, EUR 
1.2 bn of state aid by seven Member States has been approved for an Important Project of 
Common European Interest to support research, development and first industrial deployment 
of advanced cloud  and  edge computing  technologies in  Europe. The  Smart Networks  and 
Services  Joint  Undertaking,  which  became  operational  in  2022,  fosters  alignment  with 
Member States on 6G Research and Innovation, and the deployment of advanced 5G networks. 

As part of the “partner” pillar, the EU has continued to strengthen its engagement with 
international partners to advance common economic security interests.  This cooperation 
ranges  from  ensuring  access  to  raw  materials,  to  understanding  critical  supply  chains, 
establishing cooperation on emerging technologies in key areas, and reform of the World Trade 
Organisation.  

In 2023 the EU signed free trade agreements with New Zealand, Chile and Kenya, as well as 
the first ever Sustainable Investment Facilitation Agreement (SIFA) with Angola, and finalised 
negotiations on an agreement with Japan on cross-border data flows. 

Work has continued within the G7 Coordination Platform on Economic Coercion to share 
information  and  better  coordinate  actions  against  weaponization  of  trade  and  economic 
coercion. The G7 Security and Integrity of the Global Research Ecosystem Working-Group 
has published best-practices in November 2023 and set up a Virtual Academy to inspire further 
activities.  The  G7-initiated  Partnership  for  Resilient  and  Inclusive  Supply-chain 
Enhancement (RISE) aims at supporting low- and middle-income countries in playing bigger 
roles in the mineral and global clean energy manufacturing industries.  

13 Decision (EU) 2022/2481 establishing the Digital Decade Policy Programme 2030 

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The outcome of the October 2023 EU-US Summit underlines the shared interest in reducing 
excessive  dependencies,  tackling  non-market  practices,  responding  to  economic  coercion, 
addressing risks stemming from inbound and outbound investments and strengthening supply 
chain resilience, to be taken forward under the Trade and Technology Council.  The EU and 
Canada  have  also  agreed  at  their  November  2023  Summit  to  hold  regular  dialogues  on 
economic  security.  Likewise,  the  EU  and  the  Republic  of  Korea  agreed  in  May  2023  to 
strengthen  dialogue  economic  security.  Close  cooperation  on  economic  security  is  also 
maintained with Japan and India.   

Reflections  on  how  to  improve  the  economic  security  and  resilience  of  the  EU  and  of  its 
partners have also been integrated in the roll-out of the Global Gateway, which is mobilising 
up  to  EUR  300  billion  in  mutually  beneficial  investment  for  sustainable  development  in 
emerging markets and developing economies. Sustainable critical raw materials partnerships 
with  seven  countries  across  three  continents,  including  Chile,  the  Democratic  Republic  of 
Congo and Kazakhstan and digital economy packages with Colombia, Nigeria, Kenya, and 
the Philippines are examples of partnerships the EU has already completed in the context of 
Global Gateway. These contribute to the partners’ economic security while also advancing the 
EU’s strategic interests.  

The  EU  continues  to  be  a  strong  supporter  of  a    broad  reform  of  the  World  Customs 
Organizationto address more effectively developments in international trade. 

The EU is also partnering with a broad range of countries on research and innovation, notably 
by  facilitating  a  multilateral  dialogue  on  values  and  principles  for  international  science 
cooperation, on which it will host an international ministerial conference in February 2024. 
The  Commission  will  also  enhance  dialogues  on  economic  security  concerns  with  third 
countries associated with Horizon Europe14, such as the UK, Canada or New Zealand. 

4.  Conclusion 

The package of proposals and initiatives set out in this Communication represent a further step 
in implementing the European Economic Security Strategy.  

The package presents a comprehensive approach to strengthen the EU toolbox to mitigate risks 
linked to foreign investments in the EU, to outbound investments, to dual-use goods and to 
bolsters research security. This strengthening is essential to enable the EU and Member States 
to address systematically the risks identified in the ongoing risk assessments related to supply 
chains, technologies, infrastructures and economic coercion. 

The Commission invites the Member States, the European Parliament and the Council, in line 
with their respective competences, to consider these proposals and initiatives, and to give them 
the appropriate follow up, in close cooperation with the Commission. Given the geopolitical 
environment, and the opportunities and risks it engenders, it will be necessary to proceed at a 
steady pace.  

Implementing  the  European  Economic  Security  Strategy  is  an  ongoing  process,  based  on 
thorough risk analysis, leading to the adoption of targeted measures to address risks, taking 
into  account  the  evolving  nature  of  the  risk  environment.  Therefore,  the  Commission  will 

14 Currently 19 third countries are associated to Horizon Europe, with the UK, New Zealand, and Canada as the most recent 
partners.  These  associations  provide,  as  far  as  possible,  the  same  rights  and  obligations  to  these  countries’  research  and 
innovation entities as those accorded to entities of EU Member States.  

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propose  in  due  time  and,  when  appropriate,  in  coordination  with  the  High  Representative, 
further initiatives to implement the Strategy. 

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