EU countries failed to agree on the EU supply chain law on Friday and postponed the related vote. A spokesperson for the Belgian Council Presidency announced this on the X platform. Austria and Germany, among others, had declared in advance that they wanted to abstain, which amounted to a blockade. As has been learned from EU circles, the planned vote for today has been postponed to February 14.
The EU Supply Chain Act aims to hold large companies – with more than 500 employees or in high-risk sectors with more than 250 employees – liable if they benefit from child or forced labor outside the EU.
Companies have an obligation
Larger companies must also have a plan in place to ensure their business model and strategy is compatible with achieving the Paris climate goals to limit global warming.
Adopting the text would require a qualified majority (55 percent of Member States or 15 out of 27 or Member States representing 65 percent of the population) in the Committee of Permanent Representatives of the EU Member States.
Dispute over Kocher’s abstention
The announced abstention by the Austrian Minister of Economic Affairs Martin Kocher (ÖVP) had led to dissatisfaction among the coalition partner; Justice Minister Alma Zadic (Greens) appealed to Kocher not to abstain.
Austria could be the deciding factor here, as several smaller EU countries are reportedly likely to vote against. If Kocher actually abstains, the bill may not receive a majority.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
