EU issues Budapest Declaration 'rushing' to boost competitiveness, promote independent European defense industry

European Union (EU) leaders on November 8 adopted the Budapest Declaration on the new European Competition Agreement during an informal meeting of the European Council in Budapest (Hungary), which outlines a strategic framework to enhance the bloc's position through targeted reforms and initiatives.

Europe wants to promote the development of an independent defense industry. (Source: AP)

One of the top priorities agreed by EU leaders is to ensure a fully functioning single market that realises its full potential as a “key driver of innovation, investment, convergence, growth, connectivity and economic resilience”.

In addition, leaders also committed to “simplification” to reduce administrative burdens for businesses.

By mid-2025, the EU plans to reduce reporting obligations by at least 25%, promoting a more favorable environment for business and innovation.

The statement also stressed the need to take urgent measures to reduce energy prices, which put European companies at a competitive disadvantage compared to US businesses.

In addition, the statement also mentioned the need to establish a comprehensive industrial policy, with a commitment to allocate 3% of the EU's GDP to research and development by 2030, emphasizing the commitment to innovation and technological progress.

Speaking at a press conference on the Budapest Declaration, European Commission President Ursula von der Leyen stressed the importance of innovation, saying that despite many achievements in basic research, the EU has yet to close the gap between turning research results into products and scaling them up.

In addition, the statement stressed the need to take measures towards the Savings and Investment Union by 2026, and supported the full implementation of the Capital Markets Union (CMU).

The CMU initiative, launched in 2015, aims to create a more unified and abundant capital market across EU member states. To ensure that regulatory measures are aligned with competitiveness goals, EU leaders agreed to include a “competitiveness impact assessment” in upcoming EU proposals.

The declaration also proposes the creation of a European defence industrial base, reflecting a strategic approach to strengthening the EU's defence capabilities and autonomy.

Speaking at a press conference, President of the European Council Charles Michel affirmed that the North Atlantic Treaty Organization (NATO) remains a fundamental pillar and the EU needs to promote the development of an independent European defense industry.

Meanwhile, Mr. Viktor Orban, Prime Minister of Hungary - the country holding the rotating presidency of the EU Council, stressed the urgency of enhancing the EU's competitiveness.

The informal summit, hosted by European Council President Charles Michel, took place on 7-8 November in Budapest, Hungary. The meeting discussed a wide range of issues aimed at strengthening the EU's economic competitiveness, addressing foreign policy challenges and deepening transatlantic relations.

Source: https://baoquocte.vn/eu-ra-tuyen-bo-budapest-hoi-ha-tang-cuong-kha-nang-canh-tranh-thuc-day-nganh-cong-nghiep-quoc-phong-chau-au-doc-lap-293149.html