German economy minister calls for global alliance for market economy

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)