The European Commission on Tuesday proposed a new 1.5 billion euro ($1.63 billion) defense industry program, which would be financed from the European Union budget for the period between 2025 and 2027.
The new program calls on the 27 EU member states to procure at least 40% of their defense equipment collectively by 2030 and aims to have the value of intra-EU defense trade to represent at least 35% of the EU defense market, it added, Reuters reported.
"To increase European defense industrial readiness, member states need to invest more, better, together, and European," the EU Commission said in a statement.
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