European Commission on Wednesday unveiled the Competitiveness Compass, a five-year plan designed to eliminate excessive administrative regulation hindering the growth of European businesses.
This also led to an outflow of talent and capital beyond the community’s borders.
“Today, the Commission presents the Competitiveness Compass, the first major initiative of this mandate providing a strategic and clear framework to steer the Commission’s work.
“The Compass sets a path for Europe to become the place where future technologies, services, and clean products are invented, manufactured and put on the market.
“While being the first continent to become climate neutral,’’ the Commission said in a statement.
The plan included three main areas: innovation, decarbonisation and security, the statement added.
The plan also proposed giving preferential treatment to EU companies in public procurement for key sectors of the economy, the statement read.
It added that the EU indicated the need for the modernisation of the World Trade Organisation’s rules. (RIA/NAN)
