On the first day of the new year 2023 the European Single Market turned 30 years old. Throughout these years, the European Single Market enabled the free movement of goods, services and people within Europe and thus created a single internal market within the European Union, whereas a product or service from one country has the freedom of movement and the right to be sold within another country.
At present the European Single Market is made up of the EU member states (which includes Malta), Iceland Liechtenstein and Norway through an agreement within the European Economic Area and Switzerland through other treaties. Apart from offering a wider economic market for trade and commerce, the European Single Market also provides for the free movement of people, students and workers. This has a major impact on all European companies and businesses since the job market is much bigger.
All residents of the European Union can apply for a job in a country within the European Single Market. Even tenders are drafted in such a way that all companies within the single market can apply and no article or clauses can impede a company participation, with the only exception being sanctions imposed from the EU legislative, in regards or assocation with terrorism for example.
Over these 30 years, the European Single Market helped in growth and competitiveness of the European economies and also accelerated the economic development of new countries joining the EU by removing barriers on movement. It also had a major role in global difficulties such as the COVID pandemic with free movement of vaccines and medicines and now during the energy crises after the Russian invasion of Ukraine.
During 2023, the European Commission is committed to engage citizens and businesses in a much wider discussion on the future of the European Single Market, the implementation gaps and improvement. The European Single Market is a very important economic tool for European companies and also for any other company that decides to relocate within the European Union.
Regularly check this space for further information on other EU structures, laws and regulations that may have a positive outcome on your company or business.
