Date

07 Jul 2017

Sections

Innovation & Enterprise

Press release

Frankfurt, July 7, 2017 – Carl Martin Welcker, President of the VDMA, comments on what the mechanical engineering sector expects from the G20 Summit in Hamburg:

“Enough of simply paying lip service. The mechanical engineering sector is waiting for a clear signal from the G20 Summit against the burgeoning protectionism. It is unacceptable that the leading industrialized countries continue to reiterate their appreciation of free trade publicly, but at the same time are ramping up their trade barriers at home. In a current report, the EU Commission emphasizes that the countries with the most trade barriers are all G20 countries. However, the fact is that these countries have benefited the most from free trade over the past few decades. It must be clear to the heads of government that protectionism is not an instrument for political power struggles, but rather reduces the prosperity of citizens and decreases employment opportunities.”

VDMA (Verband Deutscher Maschinen- und Anlagenbau, Mechanical Engineering Industry Association) represents more than 3,200 mostly medium-sized companies in the capital goods industry, making it the largest industry association in Europe. With more than 1 million employees in Germany and a turnover of 219 bn. Euro (2016), the mechanical engineering industry is the largest industrial employer in Germany and one of the leading industries overall.

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