Global economic growth curbed by replacement of WTO norms


Rules imposed by the West and aimed to replace the norms of the World Trade Organization contain the growth of the global economy, Russian Foreign Minister Sergey Lavrov said during the General Debate of the 74th UN General Assembly on Friday, reports BSS /TASS.

‘Dividing lines are harmful not only to the world politics but also to the economy. Its inclusive growth is curbed as a result of the WTO norms being substituted for other ‘rules’ – methods of unfair competition, protectionism, trade wars, unilateral sanctions, and open abuse of the American dollar status,’ he said. ‘All this leads to the fragmentation of the global economic space, negatively affects people’s standards of living.’

Lavrov went on to say that Russia considered it necessary to get back to the substantial work both in the UN system organizations and in the G-20. To this end, Russia will contribute to the creation of favorable conditions, including through the opportunities offered by BRICS, where Russia will assume the chairmanship in 2020.

‘Together with other like-minded countries we support the harmonization of integration processes. This philosophy lies at the core of President Vladimir Putin’s initiative of the Greater Eurasian Partnership involving the Eurasian Economic Union (EAEU), SCO, ASEAN, and which is open to all other Eurasian states, including the EU countries,’ Russia’s top diplomat continued. 

‘We have already started moving in this direction by interconnecting development plans of the EAEU and the Chinese Belt And Road Initiative.’

According to Lavrov, consistent implementation of these endeavors willcontribute not only to increasing economic growth but also ‘to laying a solid foundation in order to form the territory of peace, stability, and cooperation from Lisbon to Jakarta.’.