Written by 4:31 pm European Union

Single Market Turns 30: EU Says It’s Among Most Significant Tools to Adress Current Challenges

The Single Market continues to remain among the most important tools to address Europe’s current challenges and also emphasizes the importance of continuously improving its functioning, stressing the market’s impact regarding the increased added value for the economy of the European Union.

Such estimations have been made by the European Commission on its annual Single Market Report of this year, while it marked its 30th anniversary, SchengenVisaInfo.com reports.

“Both reports will provide input for discussions with Member States on strengthening the Single Market and will inform the Commission’s future work to ensure the Single market meets its full potential in supporting the resilience and competitiveness of the European economy,” the statement provided by the Commission reads.

The annual Single Market report helps to analyze how this market benefits the European Union economy. In addition, it also provides a detailed overview of how Single Market rules were applied in the European Economic Area with the main objective of identifying improvements in the single market.

“The Scoreboard focuses on the progress made in implementing EU law, overall business conditions, integration of the Single Market and other major policy goals like growth and jobs, resilience, digital and green economy,” the statement provided by the European Commission reads.

In addition, according to the figures provided by the same source trade in goods in European Union countries surged notably in the last three decades, not just in general terms but also regarding the size of the European Union economy, thus permitting increased integration.

It has been emphasized that while in 1993 trade integration in goods for a total of 12 EU Member States composing the Single Market back then stood at 11 per cent, it surged to 23 per cent in 2021 for all EU countries.

It was also reported that the surge in intra- European Union trade integration went hand-in-hand with a slight decline in intra-EU trade costs, which at present are notably lower compared to trade costs with third countries.

The recent report provided by the European Commission also emphasized the fact that the main source of trade in goods for the European Union, remained about 60 per cent higher than European Union trade in goods with other countries, even after the withdrawal of Britain.

It has also been emphasized that the importance of intra-EU trade as a significant source of value-added in European Union production marked a notable increase while stressing that today the Single Market flows account on average for nearly 25 per cent of the value of a specific product manufactured in the European Union countries.

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