Trade deals to boost SME market?

Business deals for small and medium-sized enterprises (SMEs) could be on the rise thanks to a trade deal between the US and the European Union.

The framework of the Transatlantic Economic Council, stakeholders and government representatives have agreed to “facilitate SMEs presence in both continents” in a bid to support business development and growth.

The main areas of focus are to be the exploration of mutual ability to enter third country markets, a review of specific cooperative measures for SMEs and mentoring and supporting entrepreneurship.

SMEs create around 85 per cent of all new jobs in Europe, so they are worth governments focusing on and building up a supportive framework.

Vice president of the European Commission Mr Tajani commented: "Entrepreneurial potential in Europe is not fully exploited: 45 per cent of all Europeans would like to become their own boss if they could, but only an average of ten per cent are actually self-employed today.

"If we could raise this percentage, we could have millions of new innovative and creative enterprises which would rejuvenate Europe's economic basis, make it more robust, more job-generating and more resilient to stormy economic times."