Europe must revise its excessive regulations and foster development of innovations - Valainis

RIGA - Europe needs to revise its excessive regulations and foster the development of innovations, Economics Minister Viktors Valainis (Greens/Farmers) said at an informal meeting of the European Union's internal market, industry and entrepreneurship ministers.

The minister attended an informal meeting of the EU internal market, industry and entrepreneurship ministers in Warsaw on Monday and Tuesday, which focused on strengthening the EU's global competitiveness, development of strategic industries, as well as the future of transatlantic cooperation.

A significant part of the meeting was dedicated to the EU-U.S. relations, particularly in the context of the export control policy proposed by the United States, which would set different trade conditions for EU member countries, the Economics Ministry informed LETA.

Ministers participating in the meeting agreed that the EU must be united and proactive in order to overcome economic fragmentation and strengthen cooperation with the United States in trade and technology.

The ministers also discussed coordination of EU trade and industrial policies to protect critical sectors and strengthen competitiveness, in particular, the need to adapt EU regulation on the development of artificial intelligence and high technology to bridge the gap with the United States and China.

Valainis stressed at the meeting that excessive regulations was not a European strength, but a weakness. Europe must be able to react quickly, especially when it comes to technological development and innovation. "If we do not review bureaucratic red tape and reduce over-regulation, we risk losing our global competitiveness", said Valainis.