On 17 October 2024, the Minister of Finance and Budget, Marco Gatti, together with some Government colleagues, attended a meeting with the EFTA Group. He said:
“The Association Agreement that San Marino is seeking is an important step towards its integration into the European Union. This is not just a new beginning, but the further development of relations already consolidated through various agreements that have contributed to the growth of San Marino’s economy, such as the Cooperation and Customs Union Agreement and the Monetary Agreement.
San Marino’s economic diversification plays a crucial role in the integration process, especially for sectors that are ready to enter the European Single Market, such as manufacturing and services. Preparing for this process requires adapting to European regulations and standards, with which many companies already comply due to the need to market their products in the countries of the European Union.
However, the Association Agreement is a major challenge for San Marino’s public administration. The transposition of European regulations will require investments and an improvement of existing mechanisms to ensure a smooth and effective transition.
In addition, the Agreement will have a significant impact on San Marino’s banking and financial system, which is currently focused on the domestic market. However, the opening-up to the European market will not only require structural adjustments, but will also offer significant opportunities for growth and development, especially for the San Marino financial system.
In a nutshell, the Agreement represents a strategic opportunity for San Marino, with potential economic benefits and administrative challenges that will require careful planning and implementation.”
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