President Nikos Christodoulides and the presidents of the European Parliament and European Commission, Roberta Metsola and Ursula von der Leyen, on Friday signed a roadmap for reforms aimed at strengthening the European single market.

The roadmap is named “One Europe, One Market”, with the commission saying on Friday that it hopes the roadmap will provide “a decisive step to urgently strengthen Europe’s competitiveness, with concrete actions and targets for agreements” by the end of next year at the latest.

It added that the roadmap includes “targets for legislative proposals and agreement by the co-legislators”, as well as reviews of the roadmap every three months and “clear institutional responsibilities for all EU institutions in line with their prerogatives”.

Government spokesman Konstantinos said the roadmap entails a total of 42 “targeted actions”, and “lays the foundations for reducing fragmentations within the single market”.

He added that it will “enhance competitiveness, reduce energy costs, and accelerate the digital transformation”.

“Its importance is simple but decisive. Europe ceases to function as 27 markets and moves forward as a single, unified force, with common rules and fewer barriers. This means more opportunities for business, lower costs for the public, and a stronger economic presence for the union internationally,” he said.

He said that the roadmap has “specific value” for Cyprus, as it “strengthens Cypriot businesses’ access to a truly single market, reduces barriers for services and investments, and upgrades the country’s role as a reliable hub in the European economy”.

“At the same time, it serves as a broader strategic goal: a more autonomous European Union, with a strong economic base, reduced dependencies, and increased capacity to protect its interests and security,” he said.

Christodoulides signed the roadmap on behalf of the Council of the EU, with Cyprus holding the council’s rotating presidency during the first half of this year, and with EU leaders having descended on the island this week to attend an informal European Council summit.

He said at the signing that the roadmap “marks a turning point in advancing Europe’s competitiveness agenda”.

“Moving forward with its implementation is not merely a regulatory exercise, it is a strategic necessity to reinforce Europe’s competitiveness, resilience, and long-term prosperity, within the framework of a truly integrated single market and a stronger, more cohesive European Union,” he said.

Metsola, meanwhile, said that the roadmap “reflects what the European Parliament has been calling for: a stronger, more competitive, and resilient Europe”.

“It is ambitious, it strengthens our capacity to withstand shocks, and it provides predictability to our citizens and businesses. We said we would take bold decisions and we are doing it. This is Europe responding to what it needs,” she said.

Von der Leyen said the roadmap “will boost economic growth, guarantee our digital transformation, and strengthen industrial resilience”.

“This is an absolute priority of the commission and with this roadmap, we have the way forward,” she said.

The agreement’s signing comes after European Affairs Deputy Minister Marilena Raouna had told the European Parliament last month that “we must cut red tape” so as to ensure that Europe remain competitive, with the EU having already begun implementing “simplification omnibuses” to this end.

Simplification omnibuses are packages of legislative changes aimed at simplifying and reducing the volume of European legislation, with ten such omnibuses expected to be implemented, and Raouna having said that they will save the EU’s economy €15 billion.

She was nonetheless keen to stress that “simplification does not mean deregulation”, and that additionally, barriers restricting trade between EU member states must be tackled if simplification measures are to take any effect.

“Reducing administrative burdens is impossible if barriers prevent the free movement of goods among member states. These barriers cost us growth, jobs, and competitiveness for every single day that they remain in place. Progress has already been made, but work must continue at full speed,” she said.