The EU needs to change its approach and open up its economy to become a global leader, Prime Minister Joseph Muscat said when closing a Malta Chamber of Commerce conference this afternoon.

The conference discussed the lessons learnt from the economic crisis.

Dr Muscat said that a new European Commission, scheduled to take over next year, must put single market completion on top of its agenda. It should also open up its economy to new realities to tap the potential offered by emerging markets such as Africa and China.

Dr Muscat said that protectionism was no longer valid in today’s world and described the current Common Agricultural Policy  as an anachronistic system.

“The EU must dismantle its trade barriers and become more in touch with today’s economic realities”, he said.

Dr Muscat criticised the current visa policy adopted by the EU and said he could not understand why people from the Gulf or Saudi Arabia still needed to obtain a visa to travel to the EU.

On the economic crisis, Dr Muscat said Malta managed to cope well primarily through the valid contribution of Maltese businessmen who did not take the easy way out and shed workers.

Dr Muscat said that his government was currently focusing on stimulating economic growth while taking a conservative approach on its financial projections.