Europe acts to reduce reliance on key imports

The executive arm of the European Union on Wednesday moved to reduce the bloc's dependence on foreign supplies of products in key fields such as pharmaceuticals and digital technology.

The initiative forms part of an updated industrial strategy aimed at strengthening the EU's single market, and was presented alongside a proposal for new regulations to tackle distortions caused by foreign subsidies in the bloc.

The European Commission's new industrial strategy is an update from one made in March 2020, before the World Health Organization declared COVID-19 a pandemic.