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To maintain, protect global markets openness among priorities-Putin

September 07, 2012, 14:27 UTC+3
No simple solutions must be searched for, that cost too much later, he said
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Screenshot Russia 24

Screenshot Russia 24

VLADIVOSTOK, September 7 (Itar-Tass) —— Vladimir Putin urges to maintain the openness of global markets and agree on the level of protective measures.

One of the priorities is to maintain and protect the openness of global and regional markets, the Russian president said, addressing the APEC CEO Summit on Friday.

No simple solutions must be searched for, that cost too much later, he said.

The use of the protectionism remedy eases the pain and acute symptoms for some time, but hampers recovery of the world economy and constrains activity in trade and investments, the Russian leader warned.

Recalling that during the 2008-2009 crisis period the world's trade declined 12 percent, he noted that those were direct consequences of the collapse of financial markets and the cost for the protectionism restrictions.

Putin believes countries should agree on the level of protective measures to be taken in case a crisis recurs. "Clear and understandable rules are needed, that is we should "dot the i's", agree on the accessible level of protective measures to keep jobs during a crisis period," he noted.

Special norms should be worked out for countries to support specific economic sectors, which are most vulnerable to global instability, the president said.

Nobody rejects the right of governments to protect the domestic market and national business. Certainly, they must support some enterprises or sectors. "The main thing is mutual confidence and certainty in the issues. It is what we need," Putin said, adding that on the basis of such approaches Russia would work in the WTO.

Russia, as a member of the organization with full rights, will actively join the process of formation of fair international trade rules, he noted.

Such measures will help to get rid of shortcomings of the WTO legal basis and strengthen the importance of the organization as a structure able to efficiently solve international trade problems and respond to new challenges, the Russian leader believes.

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