The German VDMA Mechanical Engineering Industry Association criticizes US President-elect Donald Trump’s “America first” policy, saying that it is “a bad sign for the global economy”.
Trump vows to abandon the Trans-Pacific Partnership (TPP) and withdraws from the Iran agreement once he is in office.
Re-establishing trade barriers would be going down the wrong path and would ultimately make everyone, including the Americans, less powerful, VDMA Executive Director Thilo Brodtmann said in a statement.
The Association is insisting that the Transatlantic Trade and Investment Partnership (TTIP) remains on the agenda, urging European policymakers should forge ahead once the new US government has been formed.
VDMA remains in favor of a well-negotiated TTIP, as it expect tariff reductions and the harmonization of standards in particular for medium-sized companies for the export of machinery to the US to save costs in the range of 5-18%.
Source : China Plastic and Rubber Journal
about VDMA :
VDMA (Verband Deutscher Maschinen- und Anlagenbau, Mechanical Engineering Industry Association) represents over 3,100 mostly medium-sized companies in the capital goods industry, making it the largest industry association in Europe. The association represents the shared financial, technical and scientific interests of the mechanical engineering industry, especially with respect to national and international authorities and business groups. For the purposes of safeguarding of their interests, members are entitled to instruction, advice and assistance.
The German mechanical engineering industry is an international leader – in 25 of 31 comparable subsectors, German firms are among the top three providers in the world, and global market leader in as many as half.
Mechanical engineering is Germany’s biggest industrial employer with more than 1 million workers. It develops and produces key technologies for the global market. The export ratio is 77 percent. With revenue of EUR 218 billion (2015), it is one of the leading branches of industry in Germany.
VDMA’s membership covers the entire process chain – in the field of mechanical engineering including associated tools and components, of process, production, manufacturing, drive-train and automation engineering, office and information technology, software, and product-related services, i.e. from components to plants, from system suppliers and system integrators through to service providers. The association reflects the diverse customer-supplier relationships along the whole value chain and promotes sector-specific and overarching cooperation.
VDMA is divided into 37 trade associations and labour groups, cross-sector departments, branch offices in Berlin and Brussels, liaison offices in Brazil, China, India, Iran, Japan and Russia, international committees and forums, six state associations and several service organisations.
Verband Deutscher Maschinen- und Anlagenbau e.V. (VDMA)
Lyoner Strasse 18, 60628 Frankfurt-Niederrad, Germany
Tel. +49 69 6603 0
e-mail kontakt@vdma.org
Internet www.vdma.org
