The European Commission has updated the 'minimis' regulation for the fishing and aquaculture sector, known as the 'Fishing Minimis Regulation,' increasing the maximum limit of state aid, among other conditions.
This modified regulation provides more opportunities for small businesses, including the types of benefits and their recipients. Firstly, it raises the maximum limit of state aid that a company can receive over three years, increasing it from EUR 30,000 to 40,000 (USD 31,548 to 42,064).
Additionally, it changes how this regulation applies: it now covers only the primary production of fishing and aquaculture products, while the transformation and marketing of these products fall under the General Miinimis Regulation, which has a higher maximum aid limit.
However, these changes are not the only ones introduced. Furthermore, the EU outlines the acceptance of certain operations previously excluded from the scope of previous regulation in the ultra-peripheral regions of the EU. This aims to support the modernization of small vessels and address safety issues in these areas.
The EU has clarified that this modification will remain until December 31, 2029.
The European Commission, a pivotal institution within the EU, plays a crucial role in policymaking, regulation, and governance. Functioning as the executive branch of the EU, it is responsible for proposing and implementing legislation while managing the budget. Situated in Brussels, Belgium, the European Commission endeavors to foster cooperation and integration among EU member states. The institution address a multitude of issues, including trade, competition, environmental sustainability, and consumer protection. Ultimately, its goal is to create a unified and prosperous Europe.
