German economy relieved over deal

German economy relieved over deal

The German economy reacted with relief to the agreement between Brussels and London on a trade agreement for the time after Brexit. "The agreement is better than no agreement," said the general manager of the Federation of German Industries (BDI), Joachim Lang. However, the agreement means "additional bureaucracy and unnecessary border formalities" for most companies. "Nothing is dry yet," warned Lang. He urged the parliaments and governments of the EU to "act prudently and at the same time swiftly". The president of the foreign trade association BGA, Anton Börner, described the agreement as "the best of all bad solutions". "Therefore, despite the relief, there is nothing to celebrate," he emphasized. The agreement will "greatly change our future cooperation". "It remains to be seen whether it will also help to alleviate the feared chaos at the turn of the year." The President of the Association of the Automotive Industry (VDA), Hildegard Müller, is also relieved that the agreement has come about. "With the result that has become known, the risk of a 'no deal' has been eliminated and companies can finally prepare for the implementation of a free trade agreement," explained Müller. The trade agreement is "the best scenario now achievable". According to the EU Parliament's Brexit Commissioner, David McAllister, trade will "no longer run as smoothly" as before. Companies and authorities would have to adjust to more bureaucracy in the movement of goods, said the CDU politician of "Welt".