A plan to revitalize the European Single Market, in view of the growing geopolitical tensions and the surrounding US trade war, which threaten to hit the broad spectrum block, the European Commission has revealed.

The EU Executive Body presented its strategy on Wednesday lifting obstacles and enhancing cooperation From the Member States in the Single Market, which covers sectors from the financial sector to energy and telecommunications, as Bloomberg reports.

The plan is to reduce obstacles that prevent trade and investment, to be supported The development of small and medium -sized enterprises and accelerate digitization.

“The current global context requires the political will to address the remaining obstacles of one by all means,” the Commission said in its strategy document.

‘It’s time for the European market to work, It is time to choose Europe“, The European Commission adds.

The EU single market, created more than three decades ago, includes about 26 million companies and 450 million consumers, making the area the second largest world market, with GDP of 18 trillion. euro ($ 20.4 trillion).

The Commission stated that, in the context of its proposal to simplify the operation of the single market and its rejuvenation, it plans to reduce the administrative costs for businesses by € 400 million each year.

In this context, the European Commission creates A new category of ‘Small-Medium Capital Companies’ excluded from eight EU laws, according to the plan announced on Wednesday.

More specifically, companies with up to 750 employees and a turnover of up to EUR 150 million or total assets of up to EUR 129 million They will be considered “small-medium-sized companies” and will be excluded from rules such as the General Data Protection Regulation, the Directive on financial instruments and the batteries regulation (batteries).

It is noted that companies with less than 250 employees are already excluded from these rules.

Expanding this threshold to include companies with 750 employees is designed to help developing companies to avoid the ‘barbarity’ of sudden need for compliance With the European regulations, the Commission Vice President and responsible for the prosperity and industrial strategy of Stephanie Cézourne said in information to journalists.

Before presenting the Single Market Simplification Proposal by the Commission – which is referred to as a fourth comprehensive proposal for small medium -sized capitalizations – Cézourne said the new category It concerns a little more than 38,000 companies In Europe that usually do not presence in the capitals but are regional economic “players” and could evolve into larger European companies.

Through this change, “we are creating the conditions of tomorrow’s new industrial fabric,” Cézourne said.

The revision of legislation in the context of previous integrated simplification proposals will also include this new definition, allowing the affected companies to be excluded from the obligation to submit reports under the carbon border adjustment mechanism and the corporate viability directive.

Sezurne described the proposal as the “most important economic strategy” of the EU, as it aims to reduce the administrative weight of a wide range of companies and does not exclude other exceptions for small and medium -sized companies. “We have chosen some texts to show how this definition could be exploited and is by no means exhaustive to all things we can do next,” he added.

The Eight laws to be modified through targeted modifications are: The General Regulation on Data Protection, the Regulation on Protection from Imports, the Regulation on Protection from subsidized imports, the Directive on Financial Media Markets, the Rules of Procedure, the Regulations Regulation, the Rules of Procedure, Greenhouse.

Cézourne clarified that a term of exemption would be added to the General Block Data Protection Regulation in order to bring the change into force. The law will not “open” again unless this happens in the context of a broader simplification effort, he added.