15.3.2014 Official Journal of the European Union L77(77 REGULATION (EU) No 234/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 March 2014 establishing a Partnership Instrument for cooperation with third countries THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 207(2), 209(1) and 212(2) thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Having regard to the opinion of the Committee of the Regions (1), Acting in accordance with the ordinary legislative procedure (?), Whereas: (1) The Union should seek to develop relations and build partnerships with third countries. This Regulation consti- tutes a new and complementary instrument providing direct support for the Union’s external policies, expanding cooperation partnerships and policy dialogues to areas and subjects beyond development cooperation. It builds on the experience gained with industrialised coun- tries and high-income countries and territories under Council Regulation (EC) No 1934/2006 (). (2)  The scope of cooperation pursuant to the geographic programmes with developing countries, territories and regions under the financing instrument for develop- ment cooperation established by Regulation (EC) No 1905/2006 of the European Parliament and of the Council () is almost entirely limited to financing measures designed to fulfil the criteria for official devel- opment assistance (ODA) established by the Development Assistance Committee of the Organisation for Economic Cooperation and Development (DAC-OECD). (3)  Over the last decade, the Union has consistently strength- ened its bilateral relations with a broad range of () 0JC391,18.12.2012,p. 110. () Position of the European Parliament of 11 December 2013 (not yet published in the O&aal Journal) and decision of the Council of 11 March 2014. (*) Council Regulation (EC) No 1934/2006 of 21 December 2006 estab- lishing a financing instrument for cooperation with industrialised and other high-income countries and territories (O] L 405, 30.12.2006, 41). * gegulation (EC) No 1905/2006 of the European Parliament and of the Council of 18 December 2006 establishing a financing instrument for development cooperation (O] L 378, 27.12.2006, p. 41). industrialised and other high-income or middle-income countries and territories across different regions of the world. (4)  The Union needs a foreign policy financial instrument of global scope allowing the financing of measures which might not qualify as ODA, but which are crucially impor- tant for deepening and consolidating its relations with the third countries concerned, in particular through policy dialogues and the development of partnerships. That new instrument, innovative in terms of scope and objectives, should create a positive environment for a deepened relationship between the Union and relevant third countries, and should promote core Union interests. (5) It is in the Union’s interest to deepen its relations and dialogue with countries with which the Union has a stra- tegic interest in promoting links, especially developed and developing countries which play an increasingly important role in world affairs, including in global governance, foreign policy, the international economy, multilateral fora and bodies such as the G8 and the G20, and in addressing challenges of global concern. (6)  The Union needs to build comprehensive partnerships with new players on the international scene in order to promote a stable and inclusive international order, pursue common global public goods, promote core interests of the Union and increase knowledge of the Union in those countries. (7)  The scope of this Regulation needs to be worldwide, allowing for support for cooperation measures, as appro- priate, to underpin relations with any country in which the Union has strategic interests, in accordance with the objectives of this Regulation. (8) It is in the Union's interest to continue to promote dialogue and cooperation with countries which no longer qualify for bilateral programmes under the Development Cooperation Instrument established by Regulation (EU) No 233/2014 of the European Parliament and of the Council () (the ‘Development Cooperation Instrument). (9)  Furthermore, it is in the Union’s interest to have inclusive global institutions based on effective multilateralism and to work towards that goal. (’) Regulation (EU) 233 /2014 of the European Parliament and of the Council of 11 March 2014 establishing a financing instrument for develofpment cooperation for the period 2014-2020 (see page 44 of this Official Journal).