The Director General of the Ministry of Energy, Trade and Industry, Mr Marios Panagidis, participated in the Competitiveness Council of the European Union which took place yesterday, 24 February 2022, in Brussels.
Among the issues discussed at the meeting was the Proposal for a Regulation on foreign subsidies that distort the internal market. It is noted that this Regulation addresses the possible effects of foreign subsidies in the single market that undermine the level playing field. In his intervention, Mr Panagides stressed the importance of protecting the interests of small and medium-sized enterprises, stressing that a level playing field should be ensured for European and non-European companies. Furthermore, referring to the retroactive application of the Regulation, he called for it to be reduced to three years, while underlining the need for this instrument to be considered in the context of the EU's overall economic policy.
During the session, views were also exchanged on the future of the industrial mobility ecosystem in the context of the green transition. The focus was on the challenges faced by the automotive industry and the public sector in achieving the goals towards the green transition.
Ministers also adopted a General Approach on a proposal for a Directive on sustainability reporting by companies. Mr Panagides, in his intervention, noted that Cyprus fully supports the objectives of the proposal, as a harmonised reporting regime will benefit citizens, investors and businesses alike.
The Commission also presented to the Council the "Microcircuit Act", which aims to strengthen Europe's competitiveness and resilience, while at the same time aspiring to contribute to the achievement of the digital and green transition.
The Director-General of the OHIM participated in a working lunch, during which Ministers exchanged views on strengthening the single market for the benefit of industrial and innovative small and medium-sized enterprises. Mr Panagides noted that Cyprus is in favour of all efforts to strengthen the Single Market and called for concrete and ambitious actions that will allow the Single Market to reach its full potential.
(MB/EXP)
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