EU looks inward for pandemic recovery as localization strategies go global

Coronavirus 401 Corp - Shipping 794 European Union 645 Trade Deals 893

Germany’s Economics Minister, Peter Altmeier, has outlined trade priorities for the German presidency of the EU stating “Europe must stick together and diversify its trade relations” following COVID-19. That contrasts with moves in the U.S., India and Japan to provide direct government incentives to reshore manufacturing while China’s government may update its strategy in the forthcoming 14th Five Year Plan. EU trade activity has been anemic with exports down by 1.9% year over year in 2019 in dollars while in July a 9.3% slide lagged a global average drop of 7.5%. More recent data shows ...

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