Press Release: Public procurement: Commission welcomes approval new classification system to help companies seeking public contracts

The European Parliament has approved an EU Regulation establishing a single classification system, the Common Procurement Vocabulary (CPV), for public procurement in the EU. The use of a single procurement vocabulary by all public authorities will help to ensure that the subject matter of contracts can be easily identified, allow automatic translation of tender notices into all official EU languages and boost openness and transparency in European public procurement, a market worth over €1,000 billion annually across the EU