The Cabinet ratified the agreement on the Republic of Moldova’s participation in the European Union’s Single Market Program. The program was conceived to prepare the private sector and the state institutions for the European rules and standards, offering a more coherent and responsive financing framework for strengthening the capacities to join the EU’s Single Market, IPN reports.

The Ministry of Economic Development and Digitization said the implementation period of the Single Market Program is 2021-2027 and the Republic of Moldova expressed its interest in taking part in the market surveillance and SME competitiveness components.

“The Single Market Program aims to support and promote an innovation culture by developing industrial ecosystems that will stimulate the appearance of startups and will facilitate the development of the existing Small and Medium-Sized Enterprises. Also, special emphasis is placed on the promotion of new business models,” said Mihai Lupașcu, secretary of state of the Ministry of Economic Development and Digitization. Besides access to financial instruments, the program offers access to expertise, experience and good practices of other participating states.

The agreement with the European Union on the Republic of Moldova’s participation in the Single Market Program was signed in Brussels on September 8, 2023.