Slovakia: An Enlarged European Union – New Challenges And Opportunities

From May 2004, ten countries will accede to the European Union: Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. The current European Union is already the biggest single market in the world. In its enlarged state, it will draw over 19% of world trade and will represent around 46 – 50% of world outward FDI and 20 - 24% of inward FDI. It will have a population of over 450 million and a GDP of around EUR9000-9400 billion. In that respect the enlarged EU will present an outstanding business partnering market for third countries and the EU.

The new member states will be bound by the EU’s Common Commercial Policy in its entirety, including the Common External Tariff, EU preferential trade agreements, WTO commitments and EU trade defence measures. Internal market rules will also apply and the four freedoms set out in the EU Treaty applicable to all Member States shall obtain. With no internal borders between the Member States and harmonisation of regulations and standards, the ensuing freer circulation of goods provides for more sales opportunities than is possible in most countries and regions worldwide.

As from May 2004, third countries as well as the existing Member States of the EU together with the acceding countries will benefit from an increased single market and simplified and greater access to the previously fragmented acceding countries’ markets.

Enlargement will extend the EU’s trade policy to the acceding countries. A single set of trade rules, a single tariff, and a single set of support procedures will apply not just across the existing fifteen member states but over the enlarged Union of twenty-five. This will make easier the dealings that third countries and the existing Member States have had within Europe.

In the context of these significant developments, there is a dire need for professional services organisations within the acceding Member States as well as the existing Member States and third countries to be more proactive towards the needs of companies looking for trading partners for sales channels, merger,or acquisition within the new EU. However, in providing such services, cultural and language issued need to be addressed adequately and also the real reckoning of the buying power of the new EU Member States. Search and Selection of corporate business partners by database subscription is not the answer, but a personal and tailored service is more likely to guarantee success for all.

Slovkonsult s.r.o is a private limited company registered for law and consulting business in the Commercial Registry of the District Court, Bratislava, Slovak Republic, Central Europe, sro section, Insertion Number: 269476/B. In currently provides business partnering services for the region of Central and Eastern Europe from its offices in Bratislava, Slovak Republic.

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