Translated using ChatGPT service.
This week, on February 3-4, the Minister of Economics, Viktors Valainis, participated in the EU Informal Meeting of Ministers for Internal Market, Industry, and Trade in Warsaw, Poland. The meeting brought together EU Member State ministers to discuss strengthening Europe’s global competitiveness, developing strategic industries, transitioning to a green and digital economy, and the future of transatlantic cooperation.
Strengthening EU-US Trade and Technology Relations
A key topic in the discussions was EU-US relations, particularly regarding the export control policy introduced by the US, which imposes various trade conditions on EU Member States. Ministers emphasized the importance of EU unity and a proactive approach to prevent economic fragmentation and to enhance cooperation with the US in trade and technology sectors.
Ministers also discussed the coordination of EU trade and industrial policy to protect critical industries and strengthen competitiveness against unfair trade practices from third countries. A major point of concern was the need to adjust EU regulations for artificial intelligence and high-tech development, reducing the risk of Europe lagging behind the US and China.
Valainis Calls for Reducing Overregulation and Boosting Innovation
During the meeting, Minister Viktors Valainis stressed the need to review excessive regulations and strengthen innovation development in Europe.
"Excessive regulation is not Europe's strength—it is a weakness that is becoming increasingly evident. Europe must be able to react quickly, especially when it comes to technological advancements and innovations, such as artificial intelligence. If we do not reassess bureaucratic barriers and reduce regulations, we risk losing our global competitiveness," said Valainis.
Latvia’s Role in Poland’s EU Council Presidency
The Minister of Economics also highlighted the importance of Latvia’s active involvement in Poland’s upcoming EU Council Presidency decision-making process.
"This is our opportunity to participate in discussions and propose concrete solutions that will help not only Latvia but all of Europe become more competitive and less dependent on external factors. We must focus on enhancing competitiveness and building an efficient digital market," Valainis emphasized.
Key Takeaways
- EU must unify efforts in trade and technology collaboration with the US to prevent economic fragmentation.
- Europe needs regulatory flexibility to boost innovation, particularly in AI and high-tech sectors, reducing the gap with the US and China.
- Latvia should play an active role in shaping EU policy under Poland’s EU Council Presidency, advocating for a stronger, more competitive European economy.
Valainis' remarks highlight the urgent need for regulatory reforms and innovation-driven growth to ensure Europe remains a global leader in technology and industry.