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Press Release Brexit

Germany Welcomes Last-Ditch Brexit Trade Agreement between EU and UK

Traditionally strong economic ties between the UK and Germany will continue

Berlin (GTAI) - Political and businesses leaders in the European Union’s largest economy are celebrating the announcement that, with time running out, London and Brussels have hammered a provisional deal governing their economic relations when the Brexit transition period expires on January 1, 2021. The agreement now goes to the European and British parliaments for approval.

News of the deal comes after frenzied late-night negotiations between the two sides and amidst major restrictions on movement between the EU and UK due to the latest developments in the coronavirus pandemic.

“First and foremost, everyone in Europe feels solidarity and hopes that the health situation between the UK and EU returns to greater normalcy in the near future,” says Robert Hermann, CEO of Germany Trade & Invest, the German national economic promotion agency. “No one wants to see anything like this.”

“The agreement reached by the two sides is welcome news for all concerned, including British companies that do business in the EU and have established subsidiaries in countries like Germany as a hedge against Brexit,” adds Hermann. “Between 2016 and 2019 a total of 630 companies from the United Kingdom established new German operations. They include everything from manufacturing plants to R&D facilities to European headquarters to sales offices. This could serve as model for the new business reality we will enter in 2021.”

Hermann also stresses that the traditionally strong economic ties between the UK and Germany and the trend toward internationalization will continue despite Brexit.

“The trend of British companies establishing German subsidiaries has been building for the past six years and predates the Brexit referendum,” Hermann says. “More British businesses set up German subsidiaries last year than ever before, and on average, a new UK subsidiary was established every other day. While the multilateral framework has become more complex, we are doing everything in our power to keep bilateral ties strong.”

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