Steinmeier and Boric push for trade diversity
German President Frank-Walter Steinmeier met with his Chilean counterpart Gabriel Boric in Santiago.
Frank-Walter Steinmeier and Gabriel Boric have recently reaffirmed their commitment to defending free trade and diversifying exports, emphasizing the importance of open markets and economic cooperation. This stance aligns with global trends where nations seek to bolster economic resilience through diversified trade partnerships.
Diversifying exports is a strategic priority for many countries aiming to reduce dependency on single markets or commodities. For instance, research indicates that broad economic policies, such as enhancing governance and education, play a more significant role in fostering diverse exports than narrowly targeted industrial strategies.
During a joint press conference in La Moneda government palace, Steinmeier said he sought to deepen relations with Chile to defend free trade and international rules in the face of global challenges such as wars and the ‘different world vision’ of U.S. President Donald Trump.
"Chile, even though it is not directly threatened today (by U.S. tariffs), we believe that all necessary precautions must be taken. We need to continue to diversify our export basket,” Boric added.
The European Union's recent free trade agreement with the Mercosur bloc, comprising Brazil, Argentina, Paraguay, and Uruguay, aims to reduce tariffs and eliminate trade barriers across more than 30 countries. This agreement has the potential to become the EU's largest free-trade pact, reflecting a global trend toward economic integration and diversification.
By advocating for free trade and export diversification, leaders like Steinmeier and Boric aim to enhance economic resilience and growth, ensuring their countries are better positioned in the global marketplace.
