The Group of Eight (G8) industrialized nations can no longer resolve the current financial problems alone, said German Foreign Minister Frank-Walter Steinmeier said on Tuesday in the Saudi capital of Riyadh.
Speaking after a meeting with Saudi counterpart Prince Saud al- Faisal, Steinmeier called for more countries to join the major economic powers, adding that there was need for a new framework that includes important emerging countries and an economically strong Gulf state, dpa reported.
German Chancellor Angela Merkel opposes an expansion of the Group of Eight to embrace other nations, but said she was "open" to expanding the group at certain times, on certain topics so that all the relevant nations or organizations would be part of the discussion.
Steinmeier, a Social Democrat who is set to run next year for chancellor against Christian Democrat Merkel, said he felt this is the only way to create transparency in financial markets.
He added that this issue will be discussed at the Washington summit in mid-November, in which the Saudi King Abdullah bin Abdul Aziz will participate.
The G8 comprises seven big Western industrialized nations and Russia.
Steinmeier met with the Saudi monarch on Tuesday, where discussion focused on ways to support cooperation between the two countries.
The German Foreign Minister arrived in Riyadh late Monday from the Pakistani capital Islamabad. He is scheduled to leave on Wednesday for the Gulf emirate of Abu Dhabi.