Germany supports due diligence but EU initiative is a burden - FinMin

Germany supports due diligence but the EU supply chain initiative is a burden for German companies, Finance Minister Christian Lindner said on Tuesday.

Germany supports due diligence but the EU supply chain initiative is a burden for German companies, Finance Minister Christian Lindner said on Tuesday. "This proposed directive puts too much bureaucratic burden on businesses, and is not in the best interest of less developed and low income countries," Lindner said in Dublin.

Germany's "red lines" were not acknowledged, he said, after a meeting with his Irish counterpart Michael McGrath, who said Ireland does not have a position on the EU law yet. "

We will look at this through the prism of competitiveness," McGrath said. "We have to examine

whether or not it makes Europe competitive in

a world that is increasingly challenging ." European Union countries postponed last week a decision on a proposed law requiring large companies to determine if their supply chains use forced labour or cause environmental damage after Germany and Italy indicated they would abstain on the issue.

Lindner said Germany would be open to consider a new initiative after the European Parliament election in June 2024.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)