OBS_VALUE: Effective from 29 August 2022, Regulation (EU) 2022/1031, the EU's new International Procurement Instrument (IPI), enables the European Commission to undertake investigations into alleged third-country measures or practices impeding the access of EU economic operators, goods and services to the third-country public procurement market; enter into consultations with the third countries concerned; and, if the Commission determines the existence of a restrictive measure or practice which has not been removed despite consultations, adopt a so-called IPI measure to restrict access to EU public procurement markets by economic operators, good or services from the third country applying a restrictive measure or practice. In an IPI measure, the Commission may decide to impose a score/price adjustment on tenders submitted by economic operators originating in that third country, or exclude tenders submitted by economic operators originating in that third country. Additionally, in the case of public procurement procedures, which are subject to an IPI measure, successful tenderers may not subcontract more than 50 % of the total value of the contract to economic operators originating in a third country which is subject to an IPI measure. The IPI applies only to non-covered procurement, i.e. public procurement procedures for goods, services or concessions regarding which the EU has not undertaken market access commitments in an international agreement in the field of public procurement or concessions. Moreover, the IPI measure shall only apply to public procurement procedures with an estimated value above a threshold to be determined by the European Commission in light of the results of the investigation and consultations and taking into consideration the criteria set out in Article 6(3) of Regulation (EU) 2022/1031. That estimated value should be equal to or above EUR 15 000 000 net of VAT for works and concessions, and equal to or above EUR 5 000 000 net of VAT for goods and services. Exemptions for goods and services originating in least developed countries also apply. No relevant IPI measure has been adopted by the EU, at this stage.