The European Union is currently heavily dependant on US & Other foreign goods and services. In recent years, most notably, due to the war in Ukraine and Covid, reliance on foreign goods has increased. However, this CAN and WILL change.
Thus, we must support out local economies - By diversifying supply chains and reducing dependence on foreign goods, we can make the EU more prosperous & resilient to global challenges.
Supporting local businesses will also stimulate the local economy by helping the money stay within the community. This process creates more jobs and increases the overall economic activity!
Supporting EU companies will help drive innovation in the ever-competetive global economy. Currently the Big Tech companies of the United States dominate globally. Lets defeat the monopolies!
Another added benefit is sustainability! Local products have a smaller carbon footprint due to reduced transportation distances. This also usually means that they are cheaper if they have economies of scale!
Finally, EU companies must adhere to EU regulation, which will ensure higher standards of consumer protection, worker rights, and environmental sustainability. While foreign companies working within the EU also are subject to regulations, experience shows that they opt to ignore & pay fines
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