EU Nations Strike Landmark Deal on Defence Investment Program
The European Union has finalized a 1.5 billion-euro scheme to fund defence investments. Despite debates on 'buy European' rules, member states reached a compromise requiring 65% EU-origin components. Approved by EU ambassadors, the program awaits European Parliament negotiations for implementation.
- Country:
- Belgium
European Union governments have reached a consensus on a 1.5 billion-euro defence investment initiative aimed at bolstering security across the bloc. The agreement follows heated discussions over the programme's 'buy European' stipulations, which were considered too restrictive by some member states.
The final arrangement mandates that 65% of component costs for funded defense items originate within the EU, amidst calls for greater flexibility from countries like the Netherlands. Despite concerns, a coalition of 10 nations emphasized the pressing need to strengthen Europe's defenses.
The proposal, awaiting approval from EU ambassadors, will proceed to negotiations with the European Parliament. Allocation of the 1.5 billion-euro budget, deemed modest for the sector, is anticipated to increase over time, underscoring the significance of this agreement.
(With inputs from agencies.)
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