According to the latest research, Germany is currently the UK’s second largest export market. In comparison, the UK holds the title of Germany’s third largest export market.
The two nations have teamed-up in recent days to call upon European Union (EU) officials to deliver a favourable transitional deal for the UK ahead of Brexit, in a bid to bolster the booming trade between the two countries.
The British Chambers of Commerce (BCC) and its German equivalent, the Association of German Chambers of Commerce (DIHK), have penned a joint statement to Brussels ahead of the third round of Brexit talks.
It states that uncertainty is beginning to have a negative impact on German firms that currently deal with the UK – and that a number of “business critical” issues ought to be resolved at the earliest possible opportunity.
The joint statement argues that issues such as tax, customs arrangements and workers’ rights must not be shrouded in uncertainty any longer – and that clarity is needed in order to bolster existing and future trade.
Meanwhile, the BCC has said that a minimum three-year transitional period should be agreed, so that “firms on both sides of the Channel [can] have the confidence to make investment decisions.”
Speaking in recent days, DIHK Chief Executive Martin Wansleben, said: “The terms of exit are still completely unclear. Many of our members are reporting that they are already shifting investments away from the UK in anticipation of these barriers.”