A new focus on bilateral relations after Brexit will allow Germany and the UK to share expertise, deepen bonds and provide leadership in international forums. The report describes how across 10 economic areas the two sides can extend widespread co-operation in fields ranging from manufacturing and services to education, gender balance and cybersecurity.
Sebastian Wood, UK ambassador to Germany, comments: ‘The report highlights the need for the UK and Germany to maintain and deepen bilateral engagement and co-operation across key policy areas, from digitalisation to education and cyber. We share the same risks, and are united by our common values.’
Patricia Godfrey (German-British Chamber of Industry & Commerce), David Marsh (OMFIF) and Michael Schmidt (British Chamber of Commerce in Germany), write: ‘Whatever the future, Britain and Germany will remain pivotal partners.’ They underline that the two countries face similar risks from technological change, cybercrime, geopolitical perturbation and world-wide competition. ‘This report takes our existing interlocking relationships as the starting point for a new era.’
Britain is likely to remain the largest global hub for international bank lending and trading financial instruments, as well as in many fields of asset management. There are ample opportunities in helping reinforce European banks against intense US competition and contributing to a Europe-wide capital markets union.
The two countries share interests in maximising the benefits of the fourth industrial revolution. Britain and Germany should enhance sustainability standards in bilateral trade, find ways of combining strengths in green finance, and build on coordination and leadership on climate issues.