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(Bloomberg) — 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.
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To ensure the region’s €18 trillion ($20.4 trillion) economy remains competitive, the European Commission will boost efforts to improve conditions for cutting-edge companies in sectors such as pharmaceuticals, autos, steel and aluminum, said EU industry commissioner Stéphane Séjourné. The aim is to keep the industry growing at home, defying efforts by President Donald Trump to lure the bloc’s businesses to America.
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“These are strategic sectors that drive growth, have a massive impact on European GDP, and create jobs,” he told Bloomberg TV on Wednesday. “I have put in place a mechanism to call all the CEOs who were contacted by the Trump administration, and to reiterate the positive simplification and pro-business agenda of the EU Commission in the coming months.”
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The EU’s executive arm unveiled earlier 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. As part of the plan, Europe wants to simplify the framework for trade and investments, help small and medium-sized companies to expand and accelerate digitalization.
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The commission also wants to shift toward a more “pragmatic” approach to some initiatives, moving away from the requirement of unanimous support that’s stifling the market in areas such as the recognition of certain professions across the bloc.
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“I think that in the past, the European Commission has been dogmatic with the need of all 27 member states to agree before moving forward,” Séjourné said. “We are changing this approach, so we can work with coalitions of the willing. This should also encourage others to join.”
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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.
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The commission said it’s planning to cut €400 million in administrative costs each year for companies in its simplification proposal.
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“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.”
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(Updates with comments by EU industry chief Stephane Sejourne from the 2nd paragraph.)
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