30th Anniversary of the European Single Market
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In 2023, Europe celebrated the milestone of three decades since the implementation of the European Single Market, a historic project that has transformed the way European Union (EU) member countries trade and collaborate. Since its inception on January 1, 1993, this common market has promoted the free movement of goods, services, people, and capital, thus fostering economic prosperity and social cohesion in the region.
The European Single Market has been a key driving force behind the economic growth experienced by the EU over the last three decades. According to Eurostat data, the combined Gross Domestic Product (GDP) of the European Union has experienced an average annual growth of 2% since 1993, largely driven by increased trade among European countries.
The construction sector has approximately 430,000 manufacturers of construction products with an annual turnover of €800 billion.
In the construction sector, the impact of the European Single Market has been significant. According to reports from the Euroconstruct Network, construction investment in the European Union has increased by over 50% since 1993. Regarding the construction products market, it represents approximately 20% of the total goods and services market in the Union, moving more than 800 billion euros annually. This is partly due to the removal of trade barriers and the harmonization of regulations, which have facilitated cross-border investment and promoted competitiveness among European companies.
In addition to the positive impact of European companies in the construction sector, it is important to highlight the influence of foreign manufacturers of construction products in the single market. These companies, originating from non-EU countries, have significantly contributed to diversifying, and enhancing market competitiveness by offering a wide range of products and solutions for the construction industry, thereby promoting innovation, quality, and efficiency in the sector. The presence of these manufacturers has been made possible through the trade agreements and free trade treaties established between the European Union and various countries around the world.
However, the presence of manufacturers from outside the EU in the single market poses challenges in terms of competition and compliance with standards in the construction industry. Therefore, it is important to ensure that imported products meet the quality and safety requirements established by the EU. In this regard, the European Union closely collaborates with partner countries and international organizations to establish control and regulation mechanisms that ensure the integrity of the single market. This promotes a fair and equitable trading environment for all companies, both European and foreign.
On this 30th anniversary, the European Union reaffirms its commitment to supporting the sustainable growth of the construction sector and seizing the opportunities that the European Single Market continues to offer for the benefit of all its citizens. With a forward-looking vision, Europe is preparing to tackle challenges and promote economic and social prosperity in the region.