The head of foreign trade at the German Chamber of Industry and Commerce (DIHK), Volker Treier, speaks of an “economic disaster for both sides of the channel” in connection with Brexit. We summarize below how the expert looks back on the past seven years since the Brexit referendum.
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Complicated trade relations
Seven years since the referendum and three years after the United Kingdom finally left the European Union, problems still exist in German companies’ business with the Kingdom. These include planning and legal uncertainties, as Treier reports. He also sees British rules on food safety or data protection, which differ from EU rules, as a major hurdle. Due to this, trade conflicts between the parties cannot be ruled out. The statistics also paint a clear picture: Exports to the UK are falling. In 2022, for example, the UK is only the eighth most important export market. By comparison, in 2016 the UK was in third place.
Source: DIHK (german)
