Hungarian government wants the EU to continue opening towards Eastern markets

The European Union’s competitiveness must be boosted and red tape cut in the bloc in the coming years, the national economy minister told a meeting of the European Union’s Competitiveness Council in Brussels on Thursday.

According to a ministry statement, Márton Nagy told the meeting that the bloc’s competitiveness should be lifted by implementing the green and digital transition, by opening towards Eastern as well as Western markets, and by consistently cutting red tape.

He said the EU had been losing its competitiveness for decades, a trend worsened by the recent spike in energy prices and the crises and protectionist measures in the US and China.

Regarding a European Commission proposal before the European Council on capping payment deadlines related to commercial transactions between businesses, requiring a mandatory payment deadline of no more than 30, Nagy said that a Hungarian survey found that about one quarter of companies would have difficulties complying. Many fear the step would benefit third-country competitors, he said.