ST. PETERSBURG, June 5. /TASS/. General trade rules became uninteresting to the West after it began to lose in the competitive struggle, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"When it was beneficial for them they promoted the World Trade Organization (WTO) and its ideas, inviting other countries to participate. However, when the West began to lose in the competitive struggle, the general, universal trade rules implemented within the WTO framework became uninteresting and burdensome," he said.

The West itself shut down the WTO mechanism by resorting to sanctions, undermining trust in the organization, Putin noted. "Unilateral restrictions and so-called sanctions were used. Thus, Western countries effectively shut down the WTO mechanism and undermined trust in these institutions. If there is no trust and the institution no longer functions properly, businesses and governments will find another solution. And it is found in the form of bilateral and multilateral trade agreements," he said.

The St. Petersburg International Economic Forum is taking place on June 3-6. This year’s theme is "Pragmatic Dialogue: the Path to a Stable Future." The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.