The European Union (EU) council has formally adopted a new set of regulations in a bid to increase the financial transparency of ports across Europe.

The newly sanctioned rules are designed to create clear and fair conditions for access to the European port services market. They also aim to promote investment in ports, as well as improve the quality of services provided to port users and help reduce prices.

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The regulations are intended to offer an easy way for new providers of certain port services to enter the market, and aim to reduce legal uncertainties for service providers and investors.

In addition, the new rules will provide greater transparency regarding port charges and public funding, paving the way for better use of public funds and the effective and fair application of EU competition rules in ports.

"The port sector is vital to the success of Europe's economy, and it stands to benefit from the transparency and clarity these new rules will bring."

Malta transport and infrastructure minister Joe Mizzi said: “I welcome these reforms.

“The port sector is vital to the success of Europe's economy, and it stands to benefit from the increased transparency and clarity these new rules will bring.”

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The new regulations will be signed by both the EU council and parliament next month. The rules will then be published in the EU official journal a few weeks later, and will take effect 20 days after the publishing date.

Image: Boats in a port. Photo: courtesy of FreeImages.com.