Vote On Supply Chain Law In The Balance

(MNI) London - Finbar Bermingham at SCMP posts on X regarding today's European Council vote on the Corporate Sustainability Due Diligence Directive (CSDDD): "A v important vote at ~1pm today in Brussels EU members will vote on corporate supply chain rules which would require social, labour, environmental audits of suppliers. Germany will abstain, rumoured Finland, Estonia, Lithuania too. Diplomats say Italy holds the crucial vote."

• The CSDDD requires a qualified majority to pass, which equates to 55% of EU member states representing 65% of the EU population.
• Germany's veto has, like many other issues, raised divisions within the federal coalition. As Reuters highlights, the pro-business liberal Free Democrats refused to approve the law, with Labour Minister Hubertus Heil, hailing from the centre-left Social Democrats, calling the veto "wrong".
• Bermingham: "Biz lobbyists active on China files say this law, and the forced labour ban currently under negotiation, terrify them. How can they comply with vague Chinese anti-espionage and data outflow rules, when also collecting evidence for the EU? Worth noting that Beijing has already started to punish Chinese nationals for sharing industrial data outside the country I am sure that despite the new year holiday, results of today's vote will be noted in Beijing..."