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WTO remains basis of Russia’s foreign economic activity — Economic Development Minister

Maxim Reshetnikov noted that all of Russia’s key partners in the Eurasian Economic Union are also members of the WTO

MOSCOW, August 23. /TASS/. The platform of the World Trade Organization (WTO) remains the foundation of Russia's foreign economic activity, Economic Development Minister Maxim Reshetnikov reiterated at the Moscow Urban Forum.

"This [WTO] is the main platform where trade rules are developed. Despite the complexity of the current WTO situation, first of all, the lack of a dispute resolution mechanism <...> it is still a single market, and all our main trading partners are WTO members. By leaving it, we will exclude ourselves from all the mechanisms that exist there, and we will have to agree again. We need to look at these things realistically," Reshetnikov said.

He noted that all of Russia's key partners in the Eurasian Economic Union (EAEU) are also members of the WTO.

"For us, this topic is in many ways a certain value and an axiom on which we are building the foundation of foreign economic activity," the minister added.

Earlier this year, Deputy Foreign Minister Alexander Pankin told TASS that Russia did not intend to drop its World Trade Organization (WTO) membership, adding that such a step would lead to artificial self-isolation of the national economy.

"The full-fledged membership in the organization enables our country to take part in the development and improvement of global trade rules, promoting and protecting national priorities in this field. Active work on the WTO platform contributes to the implementation of tasks related to deepening of the presence of economic operators on traditional and new foreign markets, as well as expanding the range and geography of Russian exports," deputy minister pointed out.

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