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Russian PM fears collapse of WTO

November 07, 2016, 19:24 UTC+3 ST. PETERSBURG

The Russian premier fears the collapse of the WTO, as it will cause problems to the global economy

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© EPA PHOTO KEYSTONE/Laurent Gillieron

ST. PETERSBURG, November 7. /TASS/. Russian Prime Minister Dmitry Medvedev fears the collapse of the WTO, which will cause problems to the global economy,

When talking to reporters after the meeting with his Chinese counterpart Li Keqiang, Medvedev recalled the difficulties with Russia's accession to the WTO.

"There were a lot of concerns, they kept us in the waiting room for a long time, neither Russia nor China were allowed to join (the WTO), there were fears that there would be some problems within the countries, in certain sectors," Medvedev said.

He also stated that Russia was trying to "bargain for more decent terms, as all modern states do."

However, he said, "if earlier there were concerns about the WTO impact on the state of affairs in our economy, now we have fears of another kind: that this very WTO may collapse causing problems to international trade relations," the Prime Minister said.

"That is why we are watching attentively what is going on the terms of integration in other countries and regions," he said.

As an example he mentioned the formation of new trade sites in the West and in the East

"This (formation of such trade sites - TASS) significantly runs counter to the provisions that are in the core of the World Trade Organization (WTO), although it is a sovereign will of those countries that form such sites," Medvedev said.

"We are concerned with the processes that are taking place in the international trade, there is a certain degree of fragmentation. If we agree on the further integration of our economies, on connection new projects, we also have to think about how it will affect the situation in the world in general," the Russian Prime Minister said.

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