General rules: Medvedev said the lack of alternatives to the WTO in terms of trade wars

General rules: Medvedev said the lack of alternatives to the WTO in terms of trade woynarowska link
16:39

Vladimir Agoev
Dmitry Medvedev does not see alternatives to the world trade organization (WTO) at the moment. Following the meeting of the East Asia summit in Thailand, the Prime Minister said about the need to build multilateral cooperation in the global trade General rules. In this context, Moscow has strongly advocated the formation of a Large Eurasian partnerships with the countries of the EAEC, ASEAN and the SCO. To date Russia has signed agreements on free trade zone with Vietnam and Singapore. In the same direction moves the dialogue with Thailand, Indonesia and Cambodia. Why Russia is interested in strengthening trade ties with Asia at RT.

  • The Chairman of the government of the Russian Federation Dmitry Medvedev at the meeting of the 14th East Asia summit
  • RIA Novosti
  • © Dmitry Astakhov

To date, alternatives to the world trade organization (WTO) and the multilateral trading system is not. On Monday, November 4, Prime Minister of Russia Dmitry Medvedev at the meeting of the East Asia summit (EAS) in Bangkok.

«There is no alternative to multilateral cooperation, trading system, WTO, is not visible. Yes, there are many gaps and misunderstandings, — said Medvedev. But what would we say, in this modern life commodity flows obey the same laws, go by the General rules and the international trading system should also be adjusted based on General rules».

According to the Prime Minister, currently a number of countries have taken a tough stance against the WTO. First and foremost, the Prime Minister pointed to the United States in a trade war with China.

«I mean primarily the USA, which lately is quite hard to undermine the foundations of this organization, do not recognize the actions of the judicial body of the WTO, want to change the rules,» said Medvedev.

Recall that in 2018, the United States launched a trade war with China. States has accused China of illegally obtaining U.S. technology and increased duties on imported Chinese goods. Beijing has imposed retaliatory measures. After a series of negotiations in may 2019 Washington went to the aggravation of the conflict: in addition to the introduction of new fees us technology companies have begun to cease cooperation with Huawei. In August, the country once again failed to find a compromise on the terms of a commercial transaction and since September has introduced a new mutual constraints.

Following talks in October, China and the United States were still able to partially agree on the terms of the bargain. Meanwhile, experts continue to warn about the risks for the world economy gain from trade wars.

As previously stated the Director of the International monetary Fund (IMF) Kristalina Georgieva, the tariff war virtually stopped the growth of world trade. As a result, by 2020 the global economy could be short $700 billion.

Common market

Medvedev stressed that Russia is interested in multilateral cooperation. In this context, the head of the Cabinet pointed out the necessity of strengthening trade relations with Asian countries. So, Moscow advocates the creation of a Great Eurasian partnership with the participation of the EAEC, of the Association of Southeast Asian Nations (ASEAN) and the Shanghai cooperation organization (SCO). According to the Prime Minister, the ASEAN countries have already supported the initiative.

«We want to create on the territory of the Eurasian economic Union the most favorable business environment, with clear rules for business, and interest in trade with the EU is growing,» — said the Prime Minister.

ASEAN was formed in 1967, it includes ten countries: Brunei, Vietnam, Thailand, Singapore, Myanmar, Indonesia, Laos, Cambodia, Malaysia and the Philippines. The total GDP of the Association is estimated at nearly $3 trillion.

We will note, Moscow has a dialogue with ASEAN for 23 years. In 2018, Russia’s trade with the countries of the block increased by 6.8% to $19.6 billion According to the FCS, the share of States of the Association accounts for about 3% of Russian trade turnover. Thus the key trade partners of Moscow in ASEAN remain Vietnam (with a share of 0.9%) and Singapore (0.5 percent).

Today the main volume of Russian export in ASEAN countries accounts for the energy commodities (mainly oil and oil products), transport vehicles, chemical products, and agricultural products. Moreover, in recent years, the growing and export of technologies. Earlier in an interview with RT said the head of the School of Oriental studies of the HSE Alexey Maslov.

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«We have now started to deliver to the ASEAN countries technology and maintenance of these technologies. We already have contracts for the repair of aircraft, for the supply of equipment for the construction and maintenance of Railways, and parts for steel structures and metal products,» — said Maslov.

It is noteworthy that at the moment Russia has signed agreements on free trade area (FTA) with the States of ASEAN. So, in 2015, the Eurasian economic Union (EEU) Russia signed an agreement on the FTA with Vietnam. As a result, from 2016 to 2018, Russian-Vietnamese trade turnover increased by almost 60% to us $6,08 billion this is evidenced by the FCS. As previously stated the Deputy head of the Vietnamese foreign Ministry That Anh dung, by 2020, the volume of mutual trade between the two countries could reach $10 billion.

October 1, 2019 Russia signed a similar agreement with Singapore. According to Dmitry Medvedev, currently work in progress and with other members of ASEAN.

«The Eurasian economic Commission signed the documents on cooperation with Cambodia, Thailand, just two weeks ago — with Indonesia. The implementation of these agreements will become an additional impetus and will open new opportunities for collaboration of the business communities of our countries», — said the head of the Cabinet.

In addition to strengthening trade ties, Russia also reinforces investment cooperation with ASEAN. By 2018 the total investment of Moscow to the countries of the organization increased by $1.4 billion to $3.9 billion While the States of Southeast Asia also increased their investments in Russia at $1.4 billion to $4.3 billion

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