Exports currently account for around half of Germany’s GDP with almost 10 million jobs dependent on external trade, not just within the common market, but also with the USA and increasingly in emerging markets in Latin America and the Far East.
It is not only well known international companies that are responsible for the German export miracle. It is, most importantly, the many “hidden champions” which specialize in niche areas and remain at the forefront of technological innovation.
As such it is vital that Germany continues to play a leading role in removing barriers to international trade. Globalization should be seen as a chance to increase prosperity and not as a threat to job security.
In order to ensure that global trade continues to flourish the economic council calls for:
The Removal of trade barriers and creation of open free markets
The economic council supports open markets and is against all forms of protectionism. Protectionism and the establishmentof cross border trade barriers stifle growth, investment and freedom.
Globalization should be seen as an opportunity, not a threat
For Germany there is no alternative to global economic integration. As an export orientated economy our success is largely dependent on the ability to trade freely in goods and services across the globe.
Multilateral agreements should be prioritized ahead of bilateral deals
A multilateral trade deal within the context of the World Trade Organization (WTO) is favoured ahead of a series of bilateral or regional trade partnerships. Nevertheless, given the difficulties in negotiating binding multilateral agreements, the economic council continues to support regional and bilateral deals.
Successful completion of a Transatlantic Trade and Investment Partnership (TTIP)
Both the US and European markets are among the biggest in the world. For this reason the economic council argues for a quick and successful completion to the negotiations concerning a free trade agreement between the European Union and the USA.