While services in Europe account for about 70% of EU GDP and some 90% of new jobs created, cross-border provision of services is still under-developed. Companies still face many obstacles when providing their services across borders and experience that a true single market for services is not a reality yet.
It is essential that services markets become more integrated and more competitive to create growth and jobs, and to be able to compete with the rest of the world. The single market for services still has an untapped potential between €337 bn to €637 bn (source: EPRS of the European Parliament, Cost of Non-Europe, 2015), and even if the range is so wide due to complexities of data collection on services, it is deemed that these figures might significantly underestimate the overall potential gains of a fully-fledged single market for services.
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