BRUSSELS : Proposed EU legislation targeting foreign state-backed buyers of European companies prompted by fears of a Chinese buying spree may be impossible to comply with in practice, the American Chamber of Commerce and peer groups for Indian and Japanese businesses said on Wednesday.
The proposal also covers bids in public tenders in order to prevent the use of foreign subsidies to grow market share or underbid European rivals to gain access to strategically important markets or critical infrastructure. Other signatories to the letter are Europe India Chamber of Commerce, European Australian Business Council, Japan Business Council in Europe, Korea Business Association Europe and Swiss-American Chamber of Commerce.
They urged a narrower scope for foreign subsidies, for example the provision or purchase of goods or services in a competitive, non-discriminatory and unconditional tender should be excluded from the calculation.
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