Germany's Merz says EU to shape better offer as global trade order comes under pressure

German Chancellor Friedrich Merz asserted that the European Union will take the lead in creating a more favorable trade deal as global trade rules face scrutiny. Speaking at the Asia-Pacific Conference of German Business in Seoul, Merz emphasized the EU's aspiration to offer opportunities beyond bilateral agreements. He affirmed Germany's commitment to collaborate with similarly-minded partners in Europe and abroad to safeguard and advance the rules-based international economic system.

Merz highlighted the shared prosperity of nations reliant on international trade, indicating that such nations are unwilling to relinquish this benefit. During this Asia tour, which included visits to Singapore and Japan, Merz engaged in a summit with South Korean President Lee Jae Myung. This summit resulted in a strengthened security alliance.

Merz aimed to bolster defense and economic connections with like-minded nations as they grapple with US tariffs and China's state-directed industrial growth. In reference to the strategic alignment between South Korea and Germany, Merz noted the structural similarities between their industries, presenting potential for intensified bilateral cooperation.

The South Korean Industry Ministry confirmed that German and Korean companies and organizations had signed nine memoranda of understanding to support startups and facilitate market entry in sectors like electricity, energy, and biohealth.