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Bavaria Event Report

Insights Call with Prof. Dieter Kempf: The Role of the Transatlantic Relationship in Overcoming the Corona Pandemic


On September 8, 2020, AmCham Germany hosted an Insights Call with Prof. Dieter Kempf, President of the Federation of German Industries (BDI). Kempf analyzed the current economic situation in regards to the Corona pandemic and how the EU and US can overcome the economic crisis together.

 

During the call, Dieter Kempf explained that in a globalized world, the imposition of reciprocal tariffs has no place, especially when a comprehensive agreement is urgently needed to renew transatlantic relations as more players enter the international arena. A transatlantic free trade agreement has become even more important in the light of overcoming the economic crisis resulting from the Corona pandemic on both sides of the Atlantic. 

Additonally, Dieter Kempf also analyzed the current status of US-China relations. China will possibly replace the US in the next decade. In recent decades, German policy in regards to China assumed that China would come closer to Western standards, but  "change through trade" did not prove true. China takes a different approach and wants to develop from a rule taker to a rule maker, Kempf explained. 

Regarding the future of transatlantic relations, Kempf mentioned that a strong transatlantic relationship would ease the situation. Therefore, the BDI advocates rules for system competition and cooperation with China. In his eyes, a pan-European approach is of great importance in this context. The EU must be perceived as a geopolitical actor worldwide, capable of taking action and it must want to take on this position. To achieve this, the EU needs to work more closely with like-minded partners at the institutional level and, especially with the United States, to shape a more stable regulatory framework.

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