The European Union is poised to settle on a far-reaching system to coordinate scrutiny of foreign investments into Europe, notably from China, Reuters reports.
After five months of negotiations, representatives for the European Parliament and for the EU’s 28 member states are optimistic they can resolve differences during a “trilogue” meeting with the European Commission on Tuesday, according to the report.
“It will be tomorrow or at least it should be. We are fairly confident,” a source close to the negotiations was quoted as saying.
Under the plan, being developed following a flurry of Chinese investments, the Commission would investigate foreign investments in critical sectors to protect Europe’s strategic interests in some fields of technology.
Lawmakers in the European Parliament want tougher screening than initially proposed by the EU executive, such as obliging the Commission to start screening deals and requiring EU countries to cooperate.
They also want a wider list of “critical sectors” and more emphasis on investments made with state influence or aimed at transferring key technologies – a clear reference to some Chinese state-led firms that have bought European rivals.
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