Oreshkin told about the appropriate approach to reform of the WTO

© AFP 2018 / Fabrice CoffriniШтаб-apartment world Trade Organization in Geneva, Switzerland. Archival photoOreshkin told about the appropriate approach to reform of the WTO© 2018 AFP / Fabrice Coffrini

The BRICS countries, it is advisable to speak with one voice on the issue of reforming the WTO and the growing trade protectionism in the world, said the head of Ministry of economic development of Russia Maxim Oreshkin.

«The unified position of the BRICS countries are supporting the WTO as a multilateral institution governing global trade… I think the BRICS countries, given that fundamentally we are at some positions, it would be wise to speak with a common agenda for change of the WTO», — said Oreshkin journalists on the sidelines of the Eurasian women’s forum.

According to him, now, there are many proposals, including canadian and European, how to make the WTO a more effective organization. «Because we see that certain treatments for various reasons may be delayed for too long a period of time. This, of course, slightly devalues the mechanism that created the WTO», — said the Minister.

The issue of reforming the WTO will also be discussed at the summit of «twenty» (G20) in Argentina in November, said Oreshkin. «I think definitely this question on the «twenty» will rise. Now there was a meeting of trade Ministers in Argentina, these topics were actively discussed,» said Oreshkin.

«It is obvious that taking into account what is happening globally in the world from the point of view of trade wars that unfold and gaining a significant momentum — a complete introduction of all those duties, which are now introduced, China can rise very seriously to remove, can lead to the fact that U.S. interest rates will begin to rise faster than under the baseline scenario. And it will affect the entire global economy. So, of course, at the summit and at meetings of leaders these themes will sound very actively», — he concluded.