November 2, 2018 / 9:20 AM / 11 days ago

German economy minister calls for global alliance for market economy

German Economy Minister Peter Altmaier arrives for a news conference of German Chancellor Angela Merkel following the Hesse state election in Berlin, Germany, October 29, 2018. REUTERS/Hannibal Hanschke

JAKARTA (Reuters) - German Economy Minister Peter Altmaier on Friday called for the formation of a global alliance in favor of a market economy in the face of rising protectionism around the world.

“Let’s form a global alliance in favor of market economy, this is what the world needs, not protectionism,” Altmaier said at the Asia-Pacific Conference on German Business in the Indonesian capital of Jakarta.

Altmaier has called for swift implementation of an EU-U.S. tariffs deal reached earlier this year to solve the transatlantic trade conflict.

The minister also said Germany would support efforts to safeguard the rules-based free trade order by reforming the World Trade Organization (WTO). He said the WTO is not perfect, “but I see no valid alternative”.

Reporting by Gayatri Suroyo and Fanny Potkin; Editing by Michael Perry

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