In the News: EU Forced Labor Ban; Europe Overtakes U.S. in Chinese Listings; and FDI Stabilization

September 20, 2022 | BY

Hugo Yeung

EU targets modern slavery; Chinese companies raise more funds from SIX than NYSE; and Beijing seeks to retain foreign trade and investment

Credit: artjazz/Shutterstock.com

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EU Moves to Ban Products Made with Forced Labor

On September 14, the EU Commission proposed prohibiting all products that have used forced labor in a bid to tackle modern-day slavery.

The ban covers products made in the EU for both domestic consumption and exports as well as imported goods. The prohibition will be enforced by national authorities through a "robust, risk-based approach", namely by assessing forced labor risks by reference to "submissions from civil society, a database of forced labor risks focusing on specific products and geographic areas, and the due diligence that companies carry out." On suspicion, authorities will request information from companies and carry out checks and inspections, including in countries outside the EU. The proposal will now be discussed and voted upon by the European Parliament and European Council.

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