Schramböck: Brexit trade agreement significantly reduces damage to Austria’s economy

Wifo study on behalf of the BMDW on the effects of the Brexit trade and cooperation agreement – kick-off of the FIW Trade Talks

Vienna (OTS / BMDW) The Austrian Institute for Economic Research (Wifo) analyzed the effects of the Brexit trade and cooperation agreement on behalf of the Ministry of Economic Affairs. In the study published today, the authors of the study take into account for the first time the new successor trade agreement between the United Kingdom and the EU, which the negotiating partners agreed on December 24, 2020, and provide initial assessments of the possible economic trade and welfare effects of the new trade agreement.

“The trade agreement with the United Kingdom cushions serious consequences for the Austrian economy. Compared to a no-deal scenario, the agreement almost halves the negative trade effects of Brexit. The UK is and will remain an important partner for us in Europe. Therefore, the agreement is an important basis for a further good economic relationship. It ensures that the negative consequences of Brexit for our domestic companies are alleviated and guarantees fair competitive conditions for our companies, ”states Economics Minister Margarete Schramböck today.

The export economy secures every second job in Austria and ensures prosperity in Austria. “An active trade policy is a decisive motor for the development of an international business location like Austria. In the long term, we have to push further trade partnerships and develop new future markets for our companies, ”says Schramböck. An export platform is therefore to be founded this year. “We have to grow with the world’s strongest markets. Compared to other large countries in the world, China stood out as a growth engine in the midst of shrinking economies. In terms of exports, we will therefore focus on Asia, ”emphasized Economics Minister Margarete Schramböck.

Event note: FIW Trade Talks with British Brexit expert David Henig

In the first (online) edition of the FIW Trade Talks, Harald Oberhofer will speak to the proven Brexit expert David Henig on January 14, 2021 from 4 p.m. on the subject of “Brexit and the future of trade relations between the EU and Great Britain”. More information and the possibility to register can be found at
https://www.bmdw.gv.at/Presse/Veranstaltungen/FIW-Trade-talks.html.

Link to the study and policy note below
https://www.bmdw.gv.at/Services/Zahlen-Daten-Fakten/Aussenwirtschaft.
html # Brexit available.

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Federal Ministry for Digitization and Business Location
Press department
+43 (0) 1 711 00-805130
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https://www.bmdw.gv.at

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