Brexit has been an "economic disaster" for trade and investment ties between the United Kingdom and Germany, leading to a fall in German direct investment and seeing the UK decline in importance as a trading partner, German economists said. Britain voted on June 23, 2016, to exit the European Union and it left the EU's single market at the start of 2021. "Brexit is an economic disaster for both sides of the channel," Volker Treier, head of foreign trade at the German Chamber of Industry and Commerce (DIHK), told Reuters on Thursday. Last year, Germany exported goods worth 73.8 billion euros ($80.57 billion) to the UK, 14.1% less than in 2016. The year of the referendum, the UK was Germany's third most important export market, but by 2022 the country had slipped to eighth place, Treier said.

Source: bd News24 June 22, 2023 17:01 UTC