European Union leaders are set to address critical strategies on Thursday aimed at reducing Europe's economic dependency on both the US and China. This discussion comes in light of increasing concerns over the continent's vulnerability to economic coercion posed by these two superpowers. The president of the meeting, Antonio Costa, outlined key areas for discussion, emphasizing bureaucratic obstacles, market competition, and the protection of strategic industries.

One of the primary points on the agenda is the need to minimize bureaucratic barriers that currently limit trade in goods and services. Costa pointed out these obstacles have effects comparable to internal tariffs of 44% on manufactured products and 110% on services, which stifles competitive pricing and accessibility within the EU market. Removing these barriers could significantly improve trade fluidity, making European industries more robust and reducing reliance on external markets.

In addition, leaders are keen on fostering the growth of larger EU companies to compete effectively in the global arena against major US and Chinese enterprises. This would involve facilitating access to resources that allow for scaling operations and investing in expensive research and development initiatives. Protecting strategic industries, particularly in clean technology and other critical sectors, is also a focus, aiming to fortify the EU's economic independence and technological prowess in the face of global challenges.