EU revamps trade strategy

BUSINESS BOOSTER: EU Commissioner of Competition Margrethe Vestager is looking to strengthen the internal market. Credit: Shutterstock

A TOTAL of 19 governments including Spain have proposed updating the EU’s antitrust rules in order to facilitate the emergence of European giants able to face “fierce competition” from the US and China.

After a meeting of ministers in Paris recently, the group of 19 called for a “new political impetus” to ensure European industry remains competitive on a global level.

As part of a new assertive strategy, the group said they will make proposals to the European Commission that will be nominated after the EU elections in May 2019.

One of their main ideas is “the identification of possible evolutions of the antitrust rules to better take into account international markets and competition in merger analysis,” said the final statement.

The members states have agreed to identify European strategic value chains “prioritising those most directly linked to improving global productivity, fighting climate change, and enhancing technological development.”

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