Colossal rivals in the new economy' Nestlé and French company Danone have joined forces to set up Europe's first internet marketplace for buying goods and services ­ created to rival a new US venture. Scheduled for a July launch, the European system is designed to link companies which want to buy and sell online and to access data. Named, it aims to cut supply costs through the automated processing of orders and sales. Robert Raeber, executive vice-president Nestlé Europe, said: "The project brings the values of the new economy' into the heart of successful international fmcg firms." Nestlé and Danone said they were looking for partners for the venture, but had so far failed to gain the same amount of interest as a US venture launched last week. The Grocery Manufacturers of America have joined with a group of the world's largest food, drink and consumer product manufacturers in the formation of a new electronic exchange marketplace. The network is intended to be the largest collaborative effort among food, drink and consumer product manufacturers on the internet. A steering committee has already been formed involving board members from Kraft Foods, Procter & Gamble, General Mills, Unilever, Bestfoods and the GMA. GMA president and ceo Manly Molpus said: "The new marketplace will dramatically change the way we do business, by providing a standard for manufacturers and suppliers to fulfil their procurement needs and more effectively facilitate other business processes in our industry." The European venture has chosen as its technology provider SAP, which supplies Deutsche Bank, while the GMA is still seeking a partner. {{NEWS }}