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Russia warns of 'WTO death' if no trade solution at G20

OWoN: Russia cranks it up. No more US posturing or Hegemony BS. Putin is clear, play your arrogant blocking games and shove your embargoes or World Trade, WE don't need you so he's telling them either Back off or F off!


Image: Reuters


Russia warns of 'WTO death' if no trade solution at G20


The Economic Times
By AFP
7 November 2014

Moscow - Russia on Friday warned of the imminent "death" of the World Trade Organization if developed and developing nations don't come to an agreement at the upcoming Group of 20 summit in Australia.

Russian President Vladimir Putin will participate at the G20 summit in Brisbane on November 15-16.

His representative at the summit - known as the G20 sherpa - said the gathering will address a number of top issues like trade, stressing that the interests of developing nations would have to be taken into account.

"The process of negotiations within the framework of the WTO have practically ground to a halt," said G20 sherpa Svetlana Lukash, adding that several key decisions of the global trade body have not been implemented.

She told reporters that it was necessary to find a solution that would take into account concerns of both developed and developing nations.

"If we don't find a way out of this dead-end at the G20 summit this could jeopardise the entire system of multilateral trade."

"In essence, it would mean... well... the death of the WTO," Lukash said. "It is a very important question."

"We are foreseeing rather heated discussions on this topic," she added. She also said Moscow was concerned about the stalled reform of the International Monetary Fund.

"The most important thing for us is the reform of the IMF, a problem which has not yet been solved within the framework of the G20."

She accused the United States of hampering the reform. "Not only does it thwart the renewal of the IMF in line with today's realities which have seen a significant rise in the role of emerging economies, it also prevents the decisions to double the IMF capital from coming into force," Lukash said.

She warned that Russia and its BRICS partners would offer alternative proposals if a solution is not found by the end of the year.

Along with Russia, BRICS include emerging market nations Brazil, India, China and South Africa.

Russia is locked in a dramatic confrontation with the West over its support for separatists in eastern Ukraine.

The Russian strongman has repeatedly spoken out against what it calls Washington's desire to dominate world politics and economy, saying developing economies should have a greater say in global affairs.

Putin has accused Western nations of violating WTO rules by slapping sanctions against Russia.

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2 comments :

  1. Rightly so - and I am thinking that if Putin had hand into fiscal issues of WGS and PP's, he would had to come to the same conclusion. Fuck off to the stone age or play by rules and pay back. No more games with NAZI - they caused already enough catastrophic scenarios for many nations. As Russia said now, what ever Americans touch turns to Iraq or Syria - only way out of this mess is to keep them on turtle island behind barb wire until they come to their senses.

    ReplyDelete
  2. No other country should be sitting around waiting on a lame duck administration to clear up it's obligations...they are stalling for time...stealing resources from around the world and fostering war to build up some resources to pay what is owed...using other nation's money. This is shameful and should not be allowed to hold up other nations from advancing in their plans and policies.

    These are arrogant fools...the whole ship of them...

    The longer they wait the more havoc and destruction...STOP THE SLAUGHTER, STOP THE WARS, STOP THE IMPERIALISM, STOP THE MURDERS...

    ReplyDelete

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