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Doha round of WTO talks stalled due to divergence of economies’ interests — Putin

November 14, 2014, 13:02 UTC+3 VLADIVOSTOK
World economy and finance these days are exceptionally dependent on each other, Russian President Vladimir Putin told TASS in an exclusive interview
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© AP Photo/Keystone/Salvatore Di Nolfi

VLADIVOSTOK, November 14. /TASS/. The Doha round of talks in the framework of the World Trade Organization (WTO) is stalled, Russian President Vladimir Putin told TASS in an exclusive interview ahead the G20 summit.

“You know that the Doha round of WTO talks is stalled. Why? The divergence of approaches and interests between the developing economies and the developed economies is the reason,” Putin said.

“In the meantime, in one case there emerges an imbalance of capital and in the other, imbalances of commodity flows,” he said.

“In the advanced economies, there is a great amount of free capital, and the question is about the effective, reliable and safe placement of this capital in those regions and those economies of the world which will ensure stability, protect property and generate some profit, some revenues for the advanced economies,” Putin said.

“For this reason they export capital, and the developing countries form the commodity flows. Some would like to be certain their capital is well-placed, and others, the recipients of the capital need the certainty that the rules of the game will not be changed at the sole discretion of those who export capital, including for political reasons,” he said.

“One and all should be aware that the world economy and finance these days are exceptionally dependent on each other,” Putin said.

The Doha round of WTO talks was launched in the fall of 2001. It aimed to further liberalize global trade.

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