Why is doing business in the EU beneficial for companies?
Managing a business in today’s world’s fast-paced economic environment can be a challenging experience. However, when making the move on expanding operations internationally, the opportunities are limitless. Nowadays, more and more companies look toward the European market and one might ask why.
The main advantage of trading in the European Union is the European single market which is the largest international single market in the world with a total number of over 500 million consumers for 2017. That makes the EU an economic area larger than the ones of the USA and Japan combined together.
What are the other most important advantages of doing business in the EU?
– No trade barriers
Tax free trading between EU member countries and free movement of goods, services, capital and people which brings greater opportunities for economic growth and reduction of business costs.
– Single currency
The euro has been adopted as main currency in 19 EU member states which makes it easier for consumers to compare prices and makes businesses more competitive bringing more transparency and less risks, eliminating exchange rate uncertainty and reducing costs for cross-border transactions.
– Faster payments and lower transaction costs
EU businesses can organize the payments with their European vendors and suppliers quickly and easily with the SEPA Instant Credit Transfer service where bank transfers are executed and made available in the recipient’s account within less than 10 seconds regardless of the day and time the transfer is made.
In addition to the above, the European Commission is constantly working on building a positive environment for all businesses in the EU. So far, under the investment plan and the EU programmes, such as Horizon 2020, COSME, SME instrument, LIFE and EFSI, the EU has already supported over 300,000 European SMEs.