Budrys: Europe must prepare an economic defence planActivities of the Minister of Foreign AffairsEuropean UnionNews of the Ministry

On 20 February in Lefkosia, Cyprus, the Minister of Foreign Affairs, Kęstutis Budrys, at the Informal Meeting of EU Trade Ministers (FAC), called on the Union to develop an EU economic defence plan.

According to the head of Lithuania's diplomacy, Europe urgently needs to bolster its economic security, defend the single market, and ensure the competitiveness of its economy in response to increasing external pressures. It is therefore particularly important to focus efforts on developing an effective economic defence system modeled on collective defence mechanisms in the security field.

"We must come together and prepare a very effective, well-functioning economic defense plan, similar to the one we have in NATO, to defend ourselves against potential economic coercion from any direction, including the East," Budrys said ahead of the meeting.

According to the Minister, the constant pressure from external powers, particularly China, on European markets highlights the need to adopt policies of de-risking, diversifying supply chains, and decoupling in certain sensitive areas. This should include strategic sectors related to the defence industry, dual-use materials, and critical raw materials, where export control measures may have a direct impact on European manufacturing capabilities.

According to Budrys, it is also necessary to review and strengthen trade defence instruments by simplifying procedures and ensuring their faster application, while attracting investment into semiconductor manufacturing in Europe.

Please, click on the link for the Minister's full statement here: https://audiovisual.ec.europa.eu/en/media/video/I-285289