For many years, the concept of closer economic integration between the Anglo-American economies (England, Canada, the United States, Australia, New Zealand) and Europe, specifically Germany, triggered a quick dismissal by many experts who asked why it was necessary. There was already, so the argument went, a high degree of economic integration between the two and further integration would not provide any additional benefits. Recently, however, as a result of increased competition from emerging markets, the prospect of further economic integration has become more and more appealing to both sides (TAFTA). And there are good reasons:
Trade means jobs
Beyond smaller existing trade agreements, TAFTA has certainly captured the imagination of many politicians, economists, and business leaders, raising hopes for the creation of a true trans-Atlantic free trade zone. For Europe, TAFTA could potentially create 400,000 new jobs, boost trade by approximately 50%, and lower the cost of living for European households by an average of EUR 545 annually. Considering its prominent role as the EU’s leading and largest economy, Germany’s continued economic success is vital for creating economic growth throughout Europe. The realization of a trans-Atlantic free trade agreement will undoubtedly aid that process.
Production issues and location
Over the last several years, reports on the chronic health and safety issues that have plagued manufacturers in cheaper labor and material markets have not only eroded consumer confidence but also caused many companies to reconsider their resolute outsourcing strategies. The combination of bad publicity as well as rising costs is starting to force manufacturers to move to production back to countries with a skilled labor force, quality assurance requirements, and strict health and safety regulations. Many even find that the benefits of a skilled workforce paired with a reliable and safe environment produces better products and better publicity.
Strengthening existing ties
The majority of the English-speaking world already knows some of the biggest companies in Germany because they are household names of global commerce – Mercedes, Siemens, Volkswagen, BASF, Krupp, Lufthansa, Deutsche Bank, RWE and Bayer are just some of the names that immediately spring to mind. However, much like an iceberg, there’s a lot more to the German economy than the big global corporations that top the list. In order to fully utilize what German companies and consumers have to offer, it iss necessary to fully delve into the market and explore the many options for outside investors.
The opportunities mentioned above present a very tantalizing scenario, but there is one nagging issue: how can any business capitalize on this potential when the English-speaking companies of the Anglosphere attempt to communicate with their German-speaking counterparts? Sure, some German companies might have some semi-fluent representatives, but for the language of business, “semi-fluent” just isn’t good enough. When conducting business, it is essential that all parties can effectively communicate. You can ensure that your trans-Atlantic business opportunities come to fruition by employing an experienced and reliable language service provider that is comfortable with German business documents, regulations, and contracts and can also assist you to design a marketing campaign tailored specifically to each of the regional European submarkets or provide interpreters for your next business trip.
EVS Translations is an expert English-German and German-English translation and interpretation company specializing in corporate business projects.
Over the past 20 years, EVS Translations has excelled at German translations for corporate clients from all industry sectors.
With offices in Berlin, Munich, and Frankfurt, we can service you directly from the centers of the German business world. Long-standing cooperation with many of Germany’s biggest corporations proves our commitment to quality and client relationships.
Contact us today for more information on our German-English translation and English-German translation services.
