The European Commission has unveiled the proposed Industrial Accelerator Act (IAA), aimed at shielding Europe’s key sectors from global uncertainty and unfair foreign competition.
The proposed law includes measures to boost both the production and demand of European-made technologies and products. Through scaling European manufacturing, the aim is to reduce dependence on non-EU suppliers in strategic sectors including steel, cement, aluminium, automotive and clean technologies.
“Facing unprecedented global uncertainty and unfair competition, European industry can count on the provisions of this act to boost demand and guarantee resilient supply chains in strategic sectors,” said EU industry commissioner Stéphane Séjourné when unveiling the IAA at an event in Brussels last week.
In 2024, manufacturing represented 14.3% of EU GDP. The Act sets a goal to increase manufacturing’s share of EU GDP to 20% by 2035.
It plans to do this by introducing ‘Made in the EU’ and low-carbon standards for...