Finland, the Netherlands and the United Kingdom yesterday made a joint statement on defence financing and procurement.<\/p>\n
Increased threats from hostile actors, such as Russian aggression in Ukraine, are causing global instability and disrupting the rules-based international order.\u00a0\u00a0\u00a0\u00a0<\/p>\n
Challenging times for global security call for creative solutions. A core group of NATO allies – Finland, the Netherlands, and the UK, together with other partners \u2013 yesterday\u00a0announced that they are exploring setting up a new mechanism by 2027\u00a0for financing with the aim\u00a0to aggregate demand, drive joint procurement, accelerate defence investment, and increase the availability of critical capabilities\u00a0such as munitions\u00a0as they step up shared defence and security commitments. \u00a0\u00a0\u00a0<\/p>\n
Working with partners and existing international institutions, and complementing\u00a0NATO and EU initiatives, the mechanism\u00a0should strive to\u00a0strengthen collective deterrence, expand defence industrial capacity, and increase defence capability through\u00a0joint procurement.<\/p>\n
UK Chancellor of the Exchequer, Rachel Reeves, yesterday\u00a0said:<\/p>\n
Now, more than ever, we must deepen cooperation with our allies. It\u2019s in our long-term interests to strengthen our defence industries, make it easier for our armed forces to work together, and make sure taxpayers get value for money.<\/p>\n
This government will always do what is in the UK\u2019s national interest: working with our allies to ensure security and economic stability is at the heart of that. I look forward to developing this proposal further with our partners.<\/p>\n
Finance Minister of the Netherlands, Eelco Heinen, yesterday\u00a0said:<\/p>\n
The mechanism offers a new way of defence cooperation with European partners, and is open to like-minded Western partners, both inside and outside the EU.<\/p>\n
By joining forces, we get more security with the same resources and we strengthen our alliances as well.<\/p>\n
Finnish Minister of Defence, Antti H\u00e4kk\u00e4nen, yesterday\u00a0said:<\/p>\n
For Finland, it is important to take part in exploring the possibilities of the mechanism, together with our allies. Participation from the beginning gives us the opportunity to influence what such a mechanism could look like.<\/p>\n
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