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Competitiveness Compass: European Shipowners welcome focus on industry competitiveness and open trade

European Shipowners welcome the focus of European Commission’s new Competitiveness Compass on competitiveness and open trade as a prerequisite to the continent’s security, resilience and growth. Shipping is a cornerstone of Europe’s energy, food and supply chain security, moving around 76% of EU’s international trade, promoting international partnerships and reducing strategic dependencies.

The new Competitiveness Compass makes an explicit reference to the essential role of shipping to the European economy, which builds on the recommendations of the Draghi report on the need to keep European shipping internationally competitive. It also calls for additional measures to de-risk investments needed to swiftly scale up the production of renewable and low-carbon fuels for shipping under a new Sustainable Transport Investment Plan (STIP).

European Shipowners also support the Compass’s focus on making processes faster and simpler for European businesses. ECSA welcomes the new simplification approach and the commitment of the Commission to reduce reporting burden by at least 25% for all companies and at least 35% for SMEs, which are the backbone of the European shipping industry.

“The Competitiveness Compass highlights that Europe’s security depends more than ever on our ability to innovate, compete and grow. It also lays out a pathway to a competitive industry by closing the innovation gap and by investing in clean tech and clean fuels. The shipping sector is an essential part of our economy’s energy transition. We welcome today’s explicit recognition of shipping as a key sector to Europe’s growth and the commitment to scale up the production of clean fuels for shipping under the upcoming Sustainable Transport Investment Plan,” said Sotiris Raptis, ECSA Secretary General.

“Shipping is a cornerstone of our continent’s security, moving around 76% of the EU’s external trade and carrying the energy, food and goods that European citizens need for their daily life. We support today’s reference to open trade as a key driver for EU’s prosperity, resilience and growth” he added.