Federation of German Industry (BDI) referred to the state of negotiations between the European Union (EU) and the United Kingdom and the consequences of this country's withdrawal from the community group in an assessment report.
BDI President Joachim Lang also warned that "it is a wasted opportunity that the UK has lost the option of extending the transition period".
He added that "negotiating partners on both sides of the Channel now urgently need to use the time until the end of the year to reach a comprehensive free trade agreement".
According to BDI, the future agreement between the EU and the United Kingdom "should go deeper than the EU's traditional free trade agreements with other countries".
German businessmen add that “it is important that the already high trade barriers are limited by simple and harmonized rules of origin. Simple rules would significantly simplify trade, particularly for medium-sized companies, and would also significantly reduce bureaucracy ”.
The objective, says BDI, is “to simplify customs procedures as much as possible. This is the only way to mitigate the huge costs of the economic break with the UK. Both companies and customs authorities benefit from the practical aspects of their treatment.
BDI concludes the assessment by stating that "leaving the UK from the EU without an agreement would be the worst outcome for all parties".
“If London fails to make progress on key issues, British companies will also face a serious setback. The European Union has 27 states in the single market, and the United Kingdom would lose its privileged access ”, concluded the BDI.