Vice President of the European Commission Margrethe Vestager (Photo: EPA)

The new program calls on the 27 EU members 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.

“To increase European defense industrial readiness, member states need to invest more, better, together, and European,” the EU Commission said in a statement.

The conflict in Ukraine has prompted many European countries to increase defense spending, though EU officials have argued purely national efforts are less efficient and want EU bodies to play a greater role in defense industrial policy.

The EU Commission also seeks to help the European defense industry prepare better for existing and potential major challenges such as a sudden surge in demand for large amounts of artillery ammunition.