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EU plans to slash red tape for medium-sized companies / Photo: © AFP/File
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EU plans to slash red tape for medium-sized companies
The EU unveiled plans Wednesday to cut red tape for medium-sized companies and abolish barriers for businesses to sell goods across the bloc as part of its efforts to catch up with China and the United States.
The European Union wants to make doing business in the 27-country bloc easier and attract investment, as US President Donald Trump pushes an America First policy.
The latest raft of proposals come after the EU said earlier this year it would simplify environmental rules for farmers and businesses to boost economic growth.
Brussels wants medium-sized businesses to benefit from some of the same exemptions -- including on data protection rules -- previously enjoyed only by smaller firms, to reduce their administrative burden.
"The aim is to help small and medium-sized businesses grow," EU industry chief Stephane Sejourne said.
The changes create a new category of companies, "small mid-caps", which have between 250 and 750 employees, and either up to 150 million euros ($170 million) in turnover or up to 129 million euros in total assets, the European Commission said.
There are nearly 38,000 firms that meet the criteria in the EU, it said.
The proposals will need to be approved by the EU parliament and member states.
"This package will cut a further 400 million euros from the cost of doing business in the EU," the bloc's economy tsar Valdis Dombrovskis said.
Confronted by sluggish economic growth, two landmark reports by former Italian prime ministers last year raised the alarm that Europe needed to fix its fragmented single market to fully reap its economic benefits.
On Wednesday Brussels also announced plans to make it easier for EU citizens to work in different states through the faster recognition of professional qualifications, and allowing firms to submit paperwork online.
The EU also wants to establish common labelling so companies can sell the same product in EU states without the need for different labels.
Manufacturers will also be able to get rid of paper manuals for products and direct customers to digital versions instead.
V.Bae--SG
