Brussels, 18/07/2012 (Agence Europe) - The European Commission will be working more closely with the US government to find common solutions to help small businesses on either side of the Atlantic.
Be it in terms of access to markets around the world, promoting entrepreneurship and innovation, access to finance and loans, the EU and the United States have set out a number of areas in which they will be working together. Stakeholders and representatives of the European Commission and the US administration agreed in Rome on 12 July 2012 to facilitate the presence of SMEs on either side of the Pond, via a cooperation agreement now being studied by enterprise umbrella groups on both sides of the Atlantic, Enterprise Europe Network and US International Trade Administration (ITA). Under a letter of intention signed by Commissioner Antonio Tajani and deputy Vice-Secretary for Trade in the US Rebecca Blank, Brussels and Washington will cooperate on initiatives and aid for small businesses, examining the mutual ability to enter other markets, examination of special cooperation measures for small businesses like joint innovation promotion and support, mentoring and support for entrepreneurship.
The European Commission and the US Administration will seek solutions to encourage small businesses to go global in order to help entrepreneurs overcome problems with accessing finance, know-how and suitable information about potential foreign partnerships and markets. Recent estimates suggest that only 13% of European SMEs consider exporting outside the EU but 14% of them import from outside the EU and just 3% are involved in foreign cooperation through subsidiaries, branch offices and joint ventures.
In terms of accessing funding, transatlantic operation will share experiences and finance programmes for risk capital. Both sides will encourage the private sector to invest in the market and issue risk capital. Positive experiences of EU and US guarantee programmes will be shared and used in the design of future measures to encourage banks to lend to small businesses.
The European Commission and the US Administration will work more closely to encourage the exchange of information and best practice about awareness-raising, mentoring and encouraging entrepreneurship. (EH/transl.fl)