B&K Agency participated in the annual Concordia Europe Summit, held this year in London from 8–10 June.
B&K Agency hosted a roundtable discussion focused on Europe’s defence and economic resilience in light of ongoing military conflicts along its borders and increasing tensions with the United States over trade and defence spending.
Key takeaways:
- The growing threat of the so-called “axis of evil”— Russia, China, and Iran —poses risks not only to regional but also global security.
- Iran has supplied Russia with over 1,000 Shahed drones used in Ukraine. Iran’s proxies — Hezbollah, Hamas, and the Houthis — continue to receive Iranian funding, arms, and training, threatening European interests in the Mediterranean and Red Sea. Since October 7, 2023, there have been over 1,500 attacks by Iranian-backed groups on Western-aligned targets.
- China increased its 2024 military budget by 7.2% to $230 billion, the second largest in the world. A war in the Indo-Pacific could halt European defence production. A Chinese invasion of Taiwan would endanger European economic security, as Taiwan produces 92% of the world’s advanced semiconductors. Europe must prepare for the global repercussions, including impacts on supply chains and strategic security.
- Europe cannot claim strategic autonomy while remaining dependent on China for critical raw materials, missile fuel, and electronics. Currently, 97% of Europe’s rare earth elements are imported from China, which also controls 60% of global lithium refining — both essential to military and civilian systems.
- The fragmentation of European defence infrastructure reveals a critical weakness in the EU’s deterrence capabilities.
It was a pleasure to host these discussions at such a pivotal time for the future of EU–US transatlantic relations. Many thanks to the Concordia team for facilitating this important program.
