The European Union is seeking to strengthen its common market in the face of rising geopolitical tensions and a growing trade conflict with the US, which is threatening to hit the bloc with wide-ranging tariffs.
The European Commission, the EU’s executive arm, unveiled on Wednesday a strategy to remove barriers and foster cooperation among member states in the single market that covers areas from finance to energy and telecommunications. The plan is to reduce barriers holding back trade and investments, help small and medium-sized companies to grow and accelerate digitalization.
“The current global context calls for the political will to tackle remaining barriers once and for all,” the commission said in its strategy document. “It is time to make the European market work, it is time to choose Europe.”
Created more than three decades ago, the EU’s single market covers around 26 million businesses and 450 million consumers, making the region the second-biggest global market with GDP of EUR18 trillion ($26.32 trillion).
The commission said it’s planning to cut EUR400 million in administrative costs each year for companies in its simplification proposal.
