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Luxembourg Emphasizes Importance of Compliance in International Trade
The Directorate of European Affairs and International Economic Relations (Directorate II) plays a crucial role in defining and representing Luxembourg’s international economic policy in major multilateral organizations such as:
- The European Union
- World Trade Organization
- Organisation for Economic Cooperation and Development
- United Nations Conference on Trade and Development
- United Nations Commission on International Trade Law
The directorate represents Luxembourg’s interests in European forums dealing with common commercial policy, including: + Anti-dumping + Anti-subsidy + Market access issues
As part of the European Union’s exclusive competence, the European Commission negotiates trade agreements with one or more states or international organizations on behalf of the 27 member states. The Directorate II represents Luxembourg in committees assisting the commission in these tasks, promoting an open, balanced, and responsible trade policy that ensures markets are opened up while respecting: + Sustainable development + Climate change objectives
Luxembourg has been at the forefront of efforts to promote genuine fair trade within the Single Market, including the introduction of a duty of care for companies at the European level. A key step in this direction was taken with the entry into force of Regulation (EU) 2017/821 on supply chain due diligence obligations for EU importers importing tin, tantalum, and tungsten from conflict or high-risk areas.
The Directorate II also plays a crucial role in: + Coordinating the implementation of Regulation (EU) 2019/452 establishing a framework for screening foreign direct investment in the Union + Safeguarding the interests of Luxembourg companies in the context of trade defense instruments, allowing them to counter the effects of import dumping
Furthermore, the directorate coordinates the implementation of restrictive measures decided by international forums, including those of: + The UN + EU
In its role regarding investment protection, the Directorate II: + Monitors investment protection agreements negotiated by the European Union + Is directly involved in the negotiation of bilateral agreements between the Belgian-Luxembourg Economic Union and third countries
Throughout these efforts, Luxembourg emphasizes the importance of compliance with international trade regulations to ensure fair and sustainable trade practices that benefit all parties involved.