Russia warns WTO of looming dangers to multilateral trading system
Russia has raised concerns over what it describes as dangers to the multilateral trading system put in place by the World Trade Organisation (WTO).
In a communique issued by the Russian delegation to the WTO, Russia asserts that some members the organisation are progressively applying unilateral trade measures aimed at undermining the economy of Russia.
According to the Russian Delegation, the recent aggressive and politically motivated trade restrictive actions against it [Russia] by members such as the USA amounts to a “reckless economic war” which will “lead to collateral damage across the globe”.
Adding that, the restrictive unilateral trade measures against it [Russia] is a direct violation of the basic WTO rules and will put severe pressure on global supply chains which are still fragile after the Covid pandemic.
“We are witnessing the immediate consequences of trade and economic restrictions – spiking prices for basic energy resources, minerals, and foodstuff. Unfortunately, as the IMF warned, the most vulnerable households and businesses across the globe will bear the main burden of such inflationary effects,” the Russian Delegation noted.
Read details of the communique below:
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