On 17 May 2004, the EU Competitiveness Council approved a timetable to identify priority areas for lighter European regulation on industry and business "with a view to agreement before the end of 2004".
The Council has also asked the European Commission to develop a method to assess administrative burdens on industry and report to the Ministers in November.
The trade and industry Ministers called for reduced regulation, new policies to stimulate private investment in scientific research, and the development of closer links between industry and the universities.
The Council also identified biotechnology and the life sciences as "key enabling technologies" for future industrial development and innovation in Europe and has called for "full commitment" from the Member States to the European Commission’s biotechnology strategy.
Ministers also discussed the ’REACH’ proposal on chemicals, the Sales Promotion Regulation, Recognition of Professional Qualifications. The Irish Presidency had prepared a background document on these key issues.
The decision by the Competitiveness Council follows an earlier summit with business leaders including pharmaceutical giant, GlaxoSmithKline to discuss ways to boost the European economy.
