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Export giants China and Germany shake on more trade

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Export giants China and Germany shake on more trade


Germany and China have pledged to deepen their economic ties after Chinese premier Wen Jiabao touched down in Berlin on the latest leg of his European tour.

The world’s two biggest export countries want to increase bilateral trade to at least 200 billion euros within the next five years.

German Chancellor Angela Merkel and Wen also inked several contracts worth over 10 billion euros, including an agreement for China to purchase as many as 88 aircraft from European manufacturer Airbus.

Merkel said after the meeting that China became Germany’s third most important trading partner last year.

According to the Chancellor, business deals between the two totalled 130 billion euros in 2010, which represents one-third of the EU’s trade with Beijing.

A strong Chinese appetite for German products helped the eurozone’s largest economy to grow by 3.6 percent last year.

Germany’s corporate giants such as BMW and Siemens have looked to China to compensate for falling sales in domestic European markets.

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