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Brexit to negatively affect German-British trade this year, says DIHK

09 February 2021 19:13 (UTC +04:00)

Britain’s departure from the European Union has a negative impact on German-British business and a trade agreement can only partly compensate for the downturn, Germany’s DIHK Chambers of Industry and Commerce said on Tuesday, APA reports citing Reuters.

DIHK said 60% of German companies consider their current business situation in Britain to be bad and 57% expect further deterioration this year.

Customs bureaucracy, logistics problems, legal uncertainties and an increase in tariffs are the main challenges German businesses face after Brexit, it said, adding that one in six companies plans to shift investments from Britain to Germany and other EU countries.