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02 March 2021 The on-line newspaper devoted to the world of transports 16:06 GMT+1

February 19, 2021

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The EU is increasing its chances of defending its interests in the event of commercial disputes

EU Regulation 167/2021 has entered into force

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.

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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