Germany warned of the economic consequences of war in Iran and the potential blockade of the Strait of Hormuz ahead of a meeting of G7 finance ministers in Paris, France.
"The war is a serious threat to the global economy and has caused great damage to economic development," said Deputy Chancellor and German Finance Minister Lars Klingbeil, before leaving for the talks.
Klingbeil, as quoted by the German news agency dpa, stressed that every effort must be made to end the war permanently, stabilize the region, and ensure that shipping lanes remain free.
"In this case, our path as Europeans remains clear: We prefer cooperation to confrontation," he said, quoted by ANTARA from Anadolu, Monday, May 18.
During the G7 finance ministers meeting starting this Monday, participants are expected to focus on the economic impact of the conflict in the Middle East as well as possible consequences for global trade.
The waters in the Strait of Hormuz remain one of the world's most important shipping lanes for the trade of oil and gas commodities.
Klingbeil said the current crisis confirmed the importance of Germany and Europe becoming more independent and resilient, especially in terms of raw materials, energy, and supply chains.
He said the discussions in Paris would also involve finance ministers from Brazil, India, South Korea, and Kenya.
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