World trade: Merz is promoting free trade agreements with the Pacific region in Asia

During his trip to Asia, Chancellor Friedrich Merz campaigned for a free trade agreement between the EU and the Trans-Pacific Partnership (CPTPP), in whose twelve member states almost 600 million people live. “Let us work together towards a major interregional agreement with the members of the Trans-Pacific Partnership,” said the CDU leader in a keynote speech in Singapore.

He also advocated linking EU agreements with individual countries in order to make them more efficient. »As the European Union, we conclude free trade agreements with Indonesia, the Philippines, India, Australia and Malaysia, to name just a few. I don’t want us to stop here,” emphasized Merz.

The Trans-Pacific Partnership was founded in 2018 to reduce trade barriers. It includes twelve countries from five continents, including Canada, Australia, Chile and Great Britain.

Long-term agreement with Asean sought

A free trade agreement between the CPTPP and the EU would take into account the circumstances of the interconnected supply and production chains, said Merz. Both sides would combine more than a third of world trade. “In the long term, we are striving for a free trade agreement between the EU and Asean,” added the Chancellor.

Asean has eleven member states in Asia with a combined population of almost 700 million. Negotiating and concluding trade agreements is not the responsibility of the federal government; the EU is responsible for all member states. Its 27 countries have a total population of around 480 million.