30th anniversary of EU Single market

Stockholm, 1 May 2023 (TDI): The year 2023 marks the 30^th anniversary of the European Union’s (EU) single market. The European single market advocates innovation, growth, productivity, and competitiveness.

It accounts for 56 million jobs across Europe. The EU single market is the greatest success story and a key driver of European Integration. The 30^th anniversary is being celebrated during the Swedish Presidency of the Council.

Since 1993, goods, services, people, and capital have moved freely between the EU member states. The single market has ensured ease of business for companies and simplified lives by providing greater job opportunities.

The single market has contributed to the cohesion of the European Union. Currently, it makes for 18 percent of the world’s total GDP comprising 447 million people and 23 million companies.

Johan Forssell, Minister for Foreign Trade, stated, “The EU single market has come a long way in stimulating growth and making life easier for citizens, companies and consumers in the EU, although many challenges remain.”

He further stated that Sweden’s Presidency of the Council is working to enhance the single market’s efficiency and reduce and prevent cross-border trade barriers.

Also read: UN to raise funds to address humanitarian needs in Haiti

Ebba Busch, Minister for Energy, Business, and Industry, also expressed his views on the 30^th anniversary: “We can be proud of the EU single market, but we need to do more to increase the Union’s long-term competitiveness.”

He further added that stronger competition is beneficial to consumers and companies in the form of lower prices. It also helps to enhance the competitiveness of the EU’s countries’ companies and increase growth throughout the Union.

The EU single market and its competitiveness is the key priority of the Swedish Presidency of the Council. It envisions establishing a comprehensive strategy for long-term European competitiveness.

The celebrations of the 30^th anniversary will take place on 2^nd May. The focus of the annual Single Market Forum (SIMFO) will be on the 30th anniversary of the single market.

The Forum will be held in Stockholm on 2^nd May. It will bring together participants from the business sector, public authorities and trade organizations, and representatives from the EU and the European Free Trade Association (EFTA).

The participants will discuss and engage in visionary discussion to show the future of the single market. The topics of the discussions include the digital single market, standardization, and skills supply.