Trade conflicts cost prosperity around the world, German finmin says

Trade ​conflicts, tariff disputes, and distortions ​of competition create massive instability ‌and cost ​prosperity around the world, German Finance Minister Lars Klingbeil said on Wednesday in ‌Berlin.

"In times of global crises and economic uncertainty, it is more important than ever to build on dialogue and reliable partnerships," said Klingbeil ‌ahead of his trip to Bangkok for the annual meetings ‌of the International Monetary Fund and the G20 meeting of finance ministers. Klingbeil, who is head of the Social Democrats, cancelled the India leg of his ⁠Asia trip ​on Monday ⁠following the resignation of Baerbel Bas, Germany's labour minister and co-head of the SPD.

The ⁠trip to Thailand was up in the air until it was ​first confirmed by the ministry on Wednesday. Klingbeil said he will ⁠use the discussions in Bangkok to promote Germany as a reliable and attractive ⁠partner.

"Especially ​in such an uncertain world, we need strong partners, open markets, and shared rules," Klingbeil said. Klingbeil will travel with ⁠German Development Minister Reem Alabali Radovan, who agreed in the need to ⁠strengthen international ⁠cooperation to confront global crisis.

"Acute crises are occurring ever more frequently," she said. "And their consequences are ‌being ‌felt around the world more often." (Reporting ​by Maria Martinez)