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Putin seeks to develop WTO alternative

April 14, 2012

Russian President Vladimir Putin urges developing nations to develop an alternative to the World Trade Organization that would favor developing economies and suggested giving a greater role to regional currencies. President impeached that world trade organization could not fulfill their proposed goal to win the favor of all developing and developed nation. Putin blamed that organization failed to narrow the gape between the varied economies and remarks that today’s international economic organizations “look archaic, undemocratic and awkward” as organization is mainly protecting the interests mainly of developed economies. Russian President Vladimir Putin told: Today protectionism which the WTO is intended to fight oftentimes comes from developed economies that set up this structure Russia has been criticizing the modus-operandi of the trade organization since its inception, alleging that it is wrangling between rich and poor countries over eliminating barriers to farm trade. Apart from the Russia, other developing nations were also raising their voice frequently against organization’s waywardness ruling and since trade organization’s inception hardily any issue sorted out amicably. Developed nations blamed developing nations for the failure of member nations meeting, whereas developing nations blasted at prosper nations for not getting any break through in the highly expected trade organization’s summit. In the new anticipated system, Russia vows that both categories of the economies will be at the equal recipients’ side, and will get their deserving share from the trade. The emergence for the new trade organization rises on the wake of dominating instinct of developed countries on the institutions of world trade in an “inflexible” manner. Now developing countries are also providing overwhelming shares in the world marked and in some section it has surpassed the developed nations. Putin assert that 60 percent of the world’s Gross Domestic Product was now produced outside of the Group of 7 countries, so it became necessary to architect new trade forum with new norms based on trust and mutually beneficial integration. Image: witiger Via: IHT