World Bulletin/News Desk
Keeping global and regional markets open in the time of economic crisis is crucial for eventual recovery, said Russian President Vladimir Putin in Moscow. That is why the world needs stricter rules on how and when countries may use protectionism measures.
The president warned against excessive shielding of national economies while speaking at the ‘Addressing Challenges Expanding Possibilities’ summit in Vladivostok, in Russia’s Far East.
“Addiction to the medicine of protectionism may temporarily relieve the pain, the acute symptoms, but it slows down the recovery of the global economy, hampers trade and investments,” Putin said.
He added that so far the world leading economies have abstained from taking “irresponsible unilateral moves with unpredictable consequences,” and are acting as a team. But the easy path of limitation remains attractive. At the peak of the crisis of 2008-2009, world trade decreased by 12 per cent, he reminded, the most severe plunge since World War II.
“Sporadic protectionist restrictions” contributed to the decline, Putin stressed, and everybody had to foot the bill.
He admitted that Russia is not clear from the blame itself. He personally ordered protective measures to be taken to shield some Russian industries. Sometimes such actions are necessary, the Russian President said. “Nobody denies governments their right to protect sectors of their economies which are most vulnerable to global turbulence,” he said.
Countries have to come to an agreement on the permitted level of protectionism and come up with clear rules on how and when trade restrictions may be taken, Putin believes.
“It’s bad when we put one thing on paper and do absolutely another thing in life, with an understanding that under the circumstances we cannot act otherwise,” he said.
Putin sees Russia’s part as a newly-fledged member of the World Trade Organization in forging such rules.
“What we need is mutual trust and certainty on this issue,” he said. The work will boost the WTO’s importance and efficiency as an international trade arbiter, Putin believes.
Global economic trend does not augur well for developing countries: UN Conference on Trade and Development report
"We will look carefully at tax rulings issued by Luxembourg to GDF Suez," Vestager said in the Commission statement.
The Bank for International Settlements (BIS) -- dubbed the central bank of central banks -- said a gauge of Chinese debt had hit a record high in the first quarter of the year.
Civil claims involve bank's mortgage activities
Adeosun said that the bonds are expected to go on sale in December, with the proceeds channelled into capital projects.
May also ruled out a new general election anytime soon, saying Britain needed stability following June's referendum vote to pull out of the European Union.
A 2nd airport would put Rwanda on par with its regional peers, as more tourists flock to East Africa
Country GDP shrank by 2.06 percent in second quarter of 2016
Afghan traders worried fruit exports are rotting after two-week border closure
Foreign trade minister says Trans-Atlantic Trade and Investment Partnership negotiations should stop
Overnight lending rate gets cut by 25 points to 8.50 percent; overnight borrowing rate remains unchanged at 7.25 percent
"It appears that a programme of public spending in Germany would not be the most appropriate tool to help give a strong stimulus to the international economy," the central bank said following a study into the issue.
The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.
Qatari Ambassador to Ankara says bi-lateral trade could double through committment to undertake further investments in Turkey
Radical cleansing will start a new era in Turkey, says the head of the Turkish Cooperation and Development Agency (TIKA)