- Title: Germany to focus on free, fair trade at G20 summit, says Merkel
- Date: 20th June 2017
- Summary: BERLIN, GERMANY (JUNE 20, 2017) (REUTERS) CHANDELIERS / AUDIENCE AT GERMAN INDUSTRY DAY AUDIENCE CLAPPING MERKEL WALKING TO LECTERN AUDIENCE (SOUNDBITE) (German) GERMAN CHANCELLOR, ANGELA MERKEL, SAYING: "Open markets and free, fair, sustainable and inclusive trade is a key focus of our G20 presidency. Ultimately it is for the benefit of everybody, so it's internationally oriented but in the best sense it is also domestic politics for the people within each country. We are all convinced that globalisation is not simply our unavoidable fate, but rather a process that we can shape on the basis of our conviction in the social market economy We'll do all we can to get as broad an agreement on this as possible in Hamburg. Given the new American administration that's not easy but nonetheless we need to make the effort." MERKEL SPEAKING AUDIENCE (SOUNDBITE) (German) GERMAN CHANCELLOR, ANGELA MERKEL, SAYING: "It may be that isolationism and protectionism make life a bit easier for companies in the short term, because they are temporarily shielded from international competition. But in the middle and long term the ability to innovate suffers and thus so does competitivity. That is my conviction and the conviction of the German government and I am pleased that we agree on that." MERKEL SPEAKING AUDIENCE (SOUNDBITE) (German) GERMAN CHANCELLOR, ANGELA MERKEL, SAYING: "When I think of the matter of steel, it's important that we make progress with the panel set up at last year's G20 to discuss overcapacity and fair competition in the steel industry. We will talk about this in Hamburg. The steel trade must be based on rules, it must be fair and I want to assure German industry of that." AUDIENCE / MERKEL SPEAKING (SOUNDBITE) (German) GERMAN CHANCELLOR, ANGELA MERKEL, SAYING: "Of course we can think about a euro zone finance minister if the framework conditions are right, and as long as we don't communitise in the wrong place but rather always leave risks, options and liabilities in one safe pair of hands. You can think about a euro zone budget if it's clear that this helps strengthen structures and achieves sensible things. We shouldn't be talking about what won't work, but rather be thinking about what will work and make sense." AUDIENCE MERKEL LEAVING STAGE PEOPLE CLAPPING MERKEL SHAKING HANDS WITH AUDIENCE MEMBERS, LEAVING
- Embargoed: 4th July 2017 10:54
- Keywords: Angela Merkel German Industry Day fair trade free trade G20
- Location: BERLIN, GERMANY
- City: BERLIN, GERMANY
- Country: Germany
- Reuters ID: LVA0016M30R47
- Aspect Ratio: 16:9
- Story Text: Germany wants to make progress in its presidency of the Group of 20 leading economies on improving free and fair trade and will try to get broad agreement on open markets at next month's leaders' summit, Chancellor Angela Merkel said on Tuesday (June 20).
She cautioned, however, that this might not be easy with U.S. President Donald Trump who has made waves with his protectionist rhetoric.
"Open markets and free, fair sustainable and inclusive trade is a key focus of our G20 presidency," said Merkel, who will host the G20 in Hamburg next month.
She added that such conditions were beneficial for everyone and globalisation was not just fate but rather a process that could be shaped on the basis of Germany's belief in the social market economy.
Speaking at an event hosted by the BDI industry association, Merkel added that G20 leaders would also discuss the steel industry, saying that progress needed to be made on the issues of overcapacity and fair competition in the sector.
Merkel also said she was open to the idea of a joint finance minister for the euro zone, and a common budget for the currency union.
Germany has resisted the idea of introducing so-called Eurobonds, which could allow euro zone countries to issue debt jointly, with some benefiting from lower risk premia thanks to Germany's creditworthiness.
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