The EU is one of the world’s largest trading bodies, accounting for 16.5% of the world’s imports and exports. The EU has become a centralized market for products that contain conflict minerals. Conflict minerals are key components of products like jewelry, cars, phones, laptops and medical devices.
There has been a push in the recent months for a mandatory conflict minerals reporting regulation put into place for the entire EU, which would affect up to 880,000 companies. Negotiations have taken place since January of 2016, and a decision is expected to be made in the coming months. The Dutch presidency has been vocal about their dedication to a mandatory regulation, and 126 NGO’s have now joined the conversation.
The Dutch Presidency of the Council of the EU received an open letter from 126 NGO’s which called for a tighter regulation of conflict minerals in the EU. The open letter consisted of compelling testimonials from all sectors calling for the EU to understand that with power comes responsibility. The open letter is the latest development in a long timeline of events for the EU conflict minerals regulation process. As we come closer to the decision, it is important for companies to understand the magnitude of the law, and to self-educate about resources at their disposal. If you believe your company will be affected by this upcoming regulation, or would like to learn more about conflict minerals, click here.