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REGULATION OF THE EUROPEAN PARLIAMENT AND OF …
EN EN EUROPEAN COMMISSION Brussels, COM(2021) 223 final 2021/0114 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE council on foreign subsidies distorting the internal market {SWD(2021) 99 final} - {SWD(2021) 100 final} - {SEC(2021) 182 final} EN 1 EN EXPLANATORY MEMORANDUM 1. CONTEXT OF THE PROPOSAL Reasons for and objectives of the proposal The EUROPEAN Union (EU) is closely intertwined with the global economy. With trade in goods and services worth EUR 5 984 billion in 20191, it accounts for of overall global trade. As a result, trade accounts for almost 35% of the EU s gross domestic product (GDP), with 35 million jobs in the EU dependent on exports.
Council referred to the Commission’s white paper in its conclusions of 11 September 202016 and, in its conclusions of 1-2 October 2020 17 , the European Council called for ‘further instruments to address the distortive effects of foreign subsidies in the single market’.
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