Friedrich Merz, the Chancellor of Germany, will convey the concerns of key trading partners in Asia regarding the European Union's protectionist plans to Brussels during his recent trip to Asia. Merz expressed concern in discussions with officials in South Korea, the last stop of his week-long journey, that the "made in Europe" initiatives could lead to a new wave of protectionism in Europe.
Concerns About European Protectionism
During this meeting, Merz emphasized: "There are concerns that we may face a new wave of European protectionism - isolating ourselves from other countries." These remarks come as Merz encountered similar concerns from officials in Japan and Singapore during his travels.
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The "Industrial Acceleration Law," aimed at strengthening the industrial base of the European Union and encouraging domestic production and supply in Europe, is viewed by non-European countries as a potential threat to free trade. This initiative is part of the EU's broader efforts to assist domestic industries in competing with foreign rivals that are not under pressure from strict regulations and high energy costs in Europe, and also addresses reducing dependence on China.
Response to International Concerns
Merz further emphasized that these plans could lead to the formation of new trade barriers, and in this regard, the EU governments and the European Parliament still need to agree on the final text, which is expected to be approved next year. He added: "I take these concerns very seriously. I will convey these matters not only to Berlin but also to Brussels, and I will certainly point out the fact that these concerns have been strongly raised here."
Merz also noted that German and European products can only succeed in Asian markets if the EU continues to promote free trade. According to him, this trip is an opportunity to promote closer cooperation among moderate powers as a balancing force against the trade and economic policies of the United States and China.
Merz concluded by stating: "The reality is that the United States is changing its foreign and economic policies and redefining its interests. In this situation, we must do the same." He also emphasized the need to strengthen security cooperation with regional partners.
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