EU leaders resolve to boost economic security amid global tension

European Union leaders resolved on Friday to strengthen the bloc’s competitiveness, be at the forefront of new green and digital technologies and reduce its reliance on third countries, notably China.
In a declaration at the end of an EU summit in Spain, the leaders said the COVID pandemic and Russia’s invasion of Ukraine in February 2022 had tested the bloc’s resilience and the EU needed to boosts its competitiveness.
They agreed that the 27-nation EU should bolster its single market, reduce external dependencies in digital and green technologies, raw materials and critical medicines, and boost investment in research and skills.
“We will strengthen our position as an industrial, technological and commercial powerhouse, putting a special focus on areas of high added value where we already have a competitive edge or can become a frontrunner,” the declaration read.