Cyprus is ready to discuss proposals for collective financing contained in the recent Draghi and Letta reports, said the permanent secretary of the Ministry of Energy, Trade and Industry, Marios Panayides, during a meeting of the Competitiveness Council of the EU, held in its Internal Market and Industry configuration in Brussels on Thursday.

During a discussion on the EU's state aid framework, Panayides said that Cyprus is willing to discuss the recommendations on collective financing contained in both the Draghi report on competitiveness and the Letta report on the single market. He added that the specific proposals would be studied when they are submitted.

At the same time, he pointed to the risk of distortion of competition within the EU from a prolonged relaxation of measures relating to state aid.

During a discussion on the findings of the Draghi report, Panayides expressed Cyprus' agreement on the need for immediate and decisive action and structural changes, and the country's support for the Commission's intent to present a new Competitiveness Pact.

The Cypriot official highlighted in particular the need for structural changes to tackle high energy prices, to promote innovation and to achieve the green transition, and supported the strengthening of financing and improving of the business environment, and in particular the need to reduce the administrative burden on businesses.

He also highlighted the importance Cyprus attaches to sectors such as aviation and shipping, noting that the country prioritises the goal of affordable, reliable and efficient connectivity.

The Council also discussed an issue raised by Germany on the need to re-evaluate the unified approach of member states to the implementation of EU standards on e-commerce. The high penetration of e-commerce platforms from third countries is a matter of concern for several member states, as this phenomenon seems to have a major impact on trade, according to a press release by the PIO.

Finally, during an informal working lunch, a discussion was held on how small and medium-sized enterprises can benefit more effectively from the advantages of the Single Market.