EU to propose plans to boost European firms and compete with U.S. tech giants

EU to propose plans to boost European firms and compete with U.S. tech giants

The European Commission said on Wednesday that it will launch initial proposals to help companies in Europe benefit from its rich industry data. The proposal will also help the companies compete better against U.S.-based tech giants such as Facebook Inc., Alphabet Inc.’s Google, and Amazon.com Inc as well as Chinese online companies.

The core of the EU’s data strategy is to create a single European data market with smaller data markets centered on certain key industries. Other factors on the proposal includes new rules pertaining to cross-border data use, data interoperability and standards related to manufacturing, climate change, the auto industry, healthcare, financial services, agriculture, and energy.

The Commission will also consider other rules to prevent larger online platforms from unilaterally imposing conditions for access and use of data or benefiting from this in a disproportionate manner.

European digital and antitrust chief Margrethe Vestager and European industry chief Thierry Breton are due to present the proposals around noon. A final draft will be prepared by the end of the year following feedback from interested parties.