The Anti-Coercion Instrument (ACI) and Its Implications
Passed by the European Parliament in October 2023, the Anti-Coercion Instrument (ACI) aims to address economic coercion with the power to investigate potential instances of coercion and seek reparations or implement countermeasures if necessary. The parliament must resolve coercion through diplomatic means before deciding on further action.
The Coordination Platform on Economic Coercion (CPEC)
At the 2023 G7 Hiroshima Summit, member states launched the Coordination Platform on Economic Coercion (CPEC) to share information and issue early warnings about economic coercion threats. This mechanism will enable proactive steps to counteract economic coercion.
Economic Coercion in Southeast Asia
While Western policymakers have been addressing the issue of economic coercion, Southeast Asian states have received less attention. However, Southeast Asian states should not be complacent given their vulnerability to economic pressure, especially from China, as seen in Vietnam’s lobster export restrictions and other politically-driven sanctions in the region. Southeast Asian states should take proactive measures to protect their economies against economic coercion, as relying solely on multilateral efforts may not suffice due to internal divisions and differing attitudes towards China.