HANGZHOU /China/ September 4. /TASS/. Russia’s President Vladimir Putin voiced concern about the falling credibility of the World Trade Organization (WTO) and creation of "closed" regional trade unions.

Speaking at informal meeting of BRICS leaders on the sidelines of the G20 summit, he said:

"The situation with the WTO arouses great concern," the Russian leader said.

According to him, because of the stagnation of the Doha Round of the negotiations the organization is losing credibility, its status of the only universal negotiating platform to develop global trade rules.

"As a result, the creation of private associations such as Trans-Atlantic and Trans-Pacific Partnerships is gaining speed, which does not complement but want to replace WTO. We think that this is "the answer" of some of our partners on the challenges that we have faced in the negotiations in the framework of the WTO. But this is not the best way to solve problems. The best way is still to negotiate, to reach a compromise," Putin said.

According to him, Russia is for harmonization of regional economic formats, "on the base of norms and principles of the WTO - principles of transparency and respect of mutual interests."

The Russian President stressed that the Eurasian Economic Union (EEU) is building its activities on the base of these principles.

"I am convinced that all this would contribute in future to the creation of a large Eurasian partnership, open to cooperation with all interested states and integration alliances," the head of the Russian state concluded.