US News: Wirtschaftsverband DiHK beats alarm: EU threatens trade agreement to sleep

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The German Chamber of Commerce and Commerce (DIHK) has accused the European Commission a too hesitant attitude in international trade policy. While the EU is still thinking about new free trade agreements, in Asia with the new trading pact "Regional ComPrehensive Economic Partnership" (RCEP) for export world champion China has long been created.

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The RCEP Agreement is a "clear signal for more economic integration in Asia," said Dihk Foreign Trade Chief Volker Treier of our editors. "In the growth region, nails are made with heads for companies, while the EU is handing with trade agreements," Treier criticized.

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The RCEP trading pact is 28 percent of world trade, 30 percent of global value added and a population of over 2.2 billion people. The German economy can also benefit from RCEP: In the 15 countries, more than 5,000 German companies are active with more than 178 billion euros in investment volumes. The value chains of German companies are thus closely linked to the economy in RCEP partner countries, says Treier.

"From a European point of view, it is now all the more important to lose the connection. Decisive is that the new federal government quickly becomes a positive source of impulses in EU trading policy, "said the DIHK expert. "Indo-commercial trade agreements - especially with the G20 states Indonesia and India - can strengthen the diversification of our supply chains as well as the competitiveness of the small and medium-sized companies. Finally, every fourth workplace in Germany depends on export, in industry even every second, "Treier said.

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The RECP trading pact was signed in mid-November on the ASEAN summit. been. The agreement between China, Japan, the ASEAN states, Australia, New Zealand and South Korea are initially only valid for the states that have already ratified it. These are the ASEAN states Brunei-Darussalam, Cambodia, Laos, Singapore, Thailand and Vietnam, as well as Australia, China, Japan and New Zealand. For the remaining Contracting States Indonesia, Malaysia, Myanmar and the Philippines as well as for South Korea, it enters into force 60 days after their ratification.

2019 Germany had exported in the value of 173 billion euros to the RCEP states - more than on the entire American continent (166 billion euros). According to the EU, the RCEP countries are as a verb and the most important export market in Germany. There is an export share of 13 percent on it. Also for imports is the new Asian giant significant: In 2019 Germany has imported in the value of 191 billion euros from the RCEP countries. According to the EU, the RCEP is the association of Germany's most important import market. Over 17 percent of all German imports come from the RCEP countries.

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In 2019, the trading volume of Germany with the RCEP countries was 363 billion euros. That's almost 15 percent of the total trade trade, according to the Dihk. For comparison, the entire American continent accounts for eleven percent. Ten percent percent of all German foreign direct investment went to the RCEP countries around China, Japan and Australia. In Germany, 880 companies from the RCEP countries are active with 120,000 employees.

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