{"text":[[{"start":8.54,"text":"Brussels has postponed a plan to prioritise “made in Europe” products until next year after a fierce backlash by some governments and European Commission departments."}],[{"start":20.82,"text":"The controversial proposal, which aims to dictate minimum levels of domestic content for products such as cars to cut reliance on China, was scheduled to be agreed on Wednesday. That has been put back to January 28, according to an internal calendar seen by the FT."}],[{"start":40.86,"text":"It is a blow for French commissioner Stéphane Séjourné after decades of efforts by Paris to protect domestic production from cheap imports from Asia, particularly in clean technologies and some heavy industries. Germany, long opposed to the idea, has recently softened as it seeks to stem the decline of its car and other industries, according to senior officials in Berlin."}],[{"start":67.35,"text":"But liberal member states mainly from the Baltic and Nordic region, plus the Czech Republic, have led the resistance."}],[{"start":75.39999999999999,"text":"Industry ministers at an EU meeting in Brussels will debate a Czech paper signed by eight others including Sweden and Finland on Monday. It said that “European preference” should be a “last resort” and warned that it would stifle innovation and potentially breach trade deals. "}],[{"start":95.38,"text":"“If incentives for R&D and efficiency are weakened in the single market where only European companies operate, we risk losing competitiveness globally and quality decrease and price increase domestically, not least in public tenders. In addition, EU companies cannot always absorb the demand in every emerging sector,” a document prepared for the meeting said. "}],[{"start":119.52,"text":"A “disproportionate European Preference . . . could risk reallocation of capital away from the EU and a deepening of mistrust in the multilateral trading system and in the EU as a reliable and predictable partner. Moreover, it would trigger a risk of being the target of reciprocal or other market access limiting measures by third countries,” it added."}],[{"start":145.2,"text":"Furthermore, if applied broadly, it “risks depriving European companies and our consumers of choice and competition, leading to higher prices and weaker innovation”."}],[{"start":157.83999999999997,"text":"The policy could cost EU companies more than €10bn annually by pushing them to buy more expensive European components, according to two people familiar with the situation."}],[{"start":169.82999999999998,"text":"The EU commission’s trade and economy departments have also been seeking to water down the proposal, according to two people familiar with the situation. They fear the impact on EU competitiveness and the extra use of public funds buying EU-made products such as electric buses and solar panels."}],[{"start":191.01999999999998,"text":"The commission has yet to respond to a request for comment."}],[{"start":194.76,"text":"Countries including Japan and the UK have been seeking guarantees that their businesses, established in the EU for decades, would qualify under the rules."}],[{"start":206.35999999999999,"text":"The FT reported last week that targets of up to 70 per cent could apply for the content of certain products such as cars and solar inverters."}],[{"start":216.64999999999998,"text":"The measure would apply only to the use of public money such as procurement contracts and state-backed loans and grants. "}],[{"start":224.7,"text":"An EU official compared the draft legislation with Chinese industrial policies including “Made in China 2025” and “China Standards 2035”, which pushed foreign companies towards joint ventures with Chinese businesses in order to access its market."}],[{"start":243.08999999999997,"text":"High energy prices and weak economic growth have led to a surge in imports of goods from Asia, just as China and the US are erecting new barriers to EU exports."}],[{"start":255.12999999999997,"text":"The commission has also postponed a decision on whether to reverse a ban on new combustion engine cars from 2035, according to the internal calendar. Germany and other automakers are pushing for it to allow continued sales of hybrid vehicles, while others want to go further and permit combustion engines for longer."}],[{"start":277.35999999999996,"text":"The proposal, expected on Wednesday, is now scheduled for December 16."}],[{"start":282.78999999999996,"text":"Brussels’ ambitious green agenda is under huge pressure from national leaders and European parliamentarians who fear the economic cost."}],[{"start":298.72999999999996,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1765247027_1365.mp3"}