Federal Minister Peter Altmaier and Liam Fox, UK’s Secretary of State for International Trade

Federal Minister Peter Altmaier and Liam Fox, UK’s Secretary of State for International Trade

© BMWi/Susanne Eriksson

Economic Affairs Minister Peter Altmaier met yesterday with Liam Fox, the UK’s Secretary of State for International Trade. The talks mainly focused on trade issues, including the modernisation of the World Trade Organization and trade relations between the EU and the USA. These issues were also discussed at the informal meeting of trade ministers in Innsbruck on 4 and 5 October.

Minister Altmaier said: “Free, fair and rules-based trade is a basic precondition for a thriving world economy. We are currently seeing what happens when trade conflicts create uncertainty: global economic growth suffers. No country’s economy can survive on its own today. Our economies are all closely integrated. It is therefore important for us to work with our British partners to strengthen our global trade relations. That is only possible if we pull in the same direction and have a strong, modern World Trade Organization.”

Germany and the United Kingdom share close trade relations. For Germany, the UK ranked 11th in terms of imports in 2017, and 5th in terms of exports. In 2017, the volume of German exports to the United Kingdom totalled €84.44 billion. This contrasts with imports from the UK worth €37.18 billion.