Germany’s DIHK Calls for Ambitious EU Trade Policy and More Agreements
Germany’s DIHK Chambers of Commerce and Industry is urging the European Union (EU) to adopt an ambitious trade policy that supports companies in the bloc in their international business endeavors. According to DIHK President Peter Adrian, the current geopolitical challenges necessitate a reorientation of international trade policy. He emphasizes that the EU must adapt its trade strategy to the new global situation and proactively protect the interests of European companies.
In an effort to promote their demands for a more ambitious EU trade policy, the DIHK executive committee recently presented a catalogue of demands to the Bundestag lower house of parliament. Currently, only 44% of the EU’s foreign trade is covered by trade agreements, with the majority relying solely on the rules of the World Trade Organization (WTO). To secure trade and investment and explore new markets, the DIHK highlights the importance of forging new trade agreements, such as with the South American trade bloc Mercosur, India, and Indonesia.
The DIHK emphasizes that the EU must resolutely counter the global trend towards isolationism, asserting that “protectionism does not create jobs.” Germany’s closely interlinked international economy is directly affected by this stance, as one in four German jobs depends on foreign trade, with the figure rising to one in two in the industry sector, according to the DIHK.
In conclusion, the DIHK is calling for an ambitious EU trade policy that places European companies at the forefront of international business. With the current geopolitical challenges, it is crucial for the EU to adapt and take a proactive stance to protect the interests of its companies. By diversifying trade agreements and promoting an open trade environment, the EU can foster economic growth, secure trade and investment opportunities, and counter the trend of isolationism. Germany, as a central player in the global economy, stands to gain significantly from these efforts, with the livelihoods of numerous German workers dependent on foreign trade.
Source: https://finance.yahoo.com/news/germanys-dihk-calls-ambitious-eu-070000019.html
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