German industry picks EU unity over post-Brexit trade
twice the price of common shortstaple cotton.
Its return to world markets could provide a lucrative export opportunity at a time when Egypt has a huge trade deficit and is seeking to relaunch its stagnant economy.
In 2016 Egypt banned all but the highest quality cotton seed, dramatically shrinking the area under cultivation but restoring quality, in a bid to save its historic crop.
This year Egypt grew about 220,000 acres (89,000 hectares) of long-staple cotton compared with 130,000 acres (52,600 hectares) in 2016-2107, Abdel-Dayem said.
Farmers, spinners, and exporters say the weakness of the Egyptian pound following its flotation in November and a scandal over the alleged sale of falsely labeled Egyptian cotton have increased demand for the real thing, injecting life into a historic industry on its deathbed. LONDON: German industries will prioritize European unity over trade with Britain post-Brexit, business leaders told the Observer newspaper in interviews published Sunday.
British Brexit Minister David Davis had claimed that German businesses, especially carmakers, would pressure the German government to keep trade open with one of its key export markets, but two of Germany’s biggest industry groups cast down on his claims.
Dieter Kempf, president of the BDI federation of German industries, told the newspaper: “Defending the single market, a key European project, must be the priority for the EU.
“It is the responsibility of the British government to limit the damage on both sides of the Channel.
“Over the coming months, it will be extraordinarily difficult to avert negative effects on British businesses in particular,” he added.
Ingo Kramer, president of the BDA confederation of German employers’ associations, added that access to the single market “requires the acceptance of all four single market freedoms.
“The UK will remain a very important partner for us, but we need a fair deal for both sides respecting this principle,” he said.
“The cohesion of the remaining 27 EU member states has highest priority.”
Britain last month began negotiations with the EU to set the terms of its divorce and set a potential timetable for discussing a future free-trade deal.
Prime Minister Theresa May wants to take Britain out of the EU’s single market and customs area in order to limit the free movement of people and strike trade deals with other countries.
She received a boost on Saturday when President Donald Trump said the US would strike a “very powerful” trade deal with Britain “very quickly” after Brexit.
May is under severe pressure domestically after losing her parliamentary majority during a disastrous general election last month and is rumored to be facing calls to go from junior ministers.