The European Commission on the 16th announced a long-term budget plan of approximately €2 trillion (about RM9.8751 trillion), focusing increased investment on priorities such as defense and competitiveness.
The budget covers a seven-year period from 2028 to 2034, aiming to establish strategic guidance and financial support for enhancing the overall competitiveness of the EU market and reducing development gaps among member states by identifying the EU’s medium- and long-term policy priorities and investment directions.
The budget will focus funds on investment in sectors such as defense, scientific research, and agriculture, as well as providing aid to Ukraine, responding to climate change, and protecting biodiversity. The plan also intends to reform rules related to agricultural subsidies and economic development funding.
European Commission President Ursula von der Leyen said this is a “budget for a new era,” making it more strategic and more flexible.
She also stated that the budget plan will adjust the way the EU raises funds, while essentially keeping the contribution levels of member states unchanged.
According to EU procedures, the budget plan must be unanimously agreed upon by all 27 member states and be approved by the European Parliament before it can be implemented.