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February 19, 2021
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- The EU is increasing its chances of defending its
interests in the event of commercial disputes
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- EU Regulation 167/2021 has entered into force
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 Last Saturday, the EU Regulation came into force
167/2021 amending EU Regulation 654/2014 on
the exercise of the Rights of the European Union for the application and
compliance with international trade rules. Objective of the
new Regulation is to strengthen the instruments in
the EU to defend its interests in the context of the
international trade by allowing institutions to
to be able to act in a wider range of circumstances.-
- 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.
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- 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.
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- 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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