EU wants at least 70% of critical goods to be produced in Europe — FT

LONDON:  The European Commission (EC) is considering introducing targets of 70% for the share of goods made in Europe for certain types of p...

LONDON:  The European Commission (EC) is considering introducing targets of 70% for the share of goods made in Europe for certain types of products, including cars, the Financial Times (FT) newspaper said, citing sources.

The initiative will be aimed at supporting domestic production. That said, the measure could cost EU companies more than 10 bln euros per year as it will force them to purchase more expensive European components, according to officials. The bill may be presented on December 10.

Target indicators will vary depending on the importance of the sector and the degree of dependence on external markets, sources noted.

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