The EU approaches to reducing the Union’s dependence on imports of strategically important goods are analyzed. It is shown that the efforts and measures are aimed at protecting the common market in those sectors where the EU competitiveness depends on external partners, and at encouraging European companies to invest in new value chains. It is concluded that the criteria for selecting trade and investment partners are based on geopolitical considerations, bypassing the principle of non-discrimination. However, the Union’s room for maneuver is limited. With the increasing competition for strategic resources, China, the United States, and other developed countries might expand the use of “predatory” practices in their external trade policies. Under these conditions, the bargain of trading off reliable and profitable regional partners for the sake of geopolitics seems dubious and could affect adversely the competitiveness of the EU.