Wednesday, September 27, 2023
HomeEconomyGermany should diversify its trading partners, says economic adviser

Germany should diversify its trading partners, says economic adviser

BERLIN (Reuters) – Germany needs to diversify its international business partners and focus on new regions of the world, the German government’s top economic adviser said, arguing that German companies should rethink how to reduce their reliance on China.

“Asia is not just China, and the US is not just the US,” Monika Schnitzer told Reuters in an interview published on Thursday.

She also advocated for closer ties between European countries. “As the EU we should position ourselves strategically,” Schnitzer said.

She considers the U.S. inflation-reduction bill “discriminatory” because only local companies or those represented in trade agreements can benefit from U.S. subsidies, adding that Germany should not go to itself Countervailing.

“This is wrong because we see Europe as a common market and have to act together,” Schnitzer said.

The economic adviser stressed the importance of the US as a trading partner for Germany and advocated for a renewed attempt to find a free trade agreement between the EU and the US.



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