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.
Agency expects China's financial strength ‘to erode somewhat over the coming years’
The British capital's FTSE 100 index of leading blue-chip companies wobbled between gains and losses during the day, before finally closing down 0.2 percent.
BIST 100 index opens 0.17 percent lower; US dollar/Turkish lira rate stands at around 3.57
With his tough rhetoric on winning back American jobs, President Trump's elevation to the White House has raised serious fears over a new protectionist era.
Southeast Asia's third-biggest economy expanded 5.6 percent on-year in January-March period, compared with 4.1 percent in the same period last year and 4.5 percent in October-December.
Uber Freight aims to connect truckers with shippers by taking piece of $256B industry
BIST 100 index falls 0.27 percent while US dollar/Turkish lira rate stands at 3.59
The White House, already reeling over a number of controversies, denied that Trump pressured former FBI chief James Comey to stop a probe into ex-national security advisor Michael Flynn over contacts with Russia.
Lloyds bank is back in private hands having reduced the government's stake to zero, resulting in 27.4 billion returning to the taxpayer
BIST 100 index falls 0.26 percent while US dollar/Turkish lira rate stands at 3.54
Stone said in an online post that he will be back at work full time at the San Francisco-based operation in "a couple of weeks," prompting shares to end the New York Stock Exchange trading day up 1.35 percent to $19.49.
The world's top two crude-producing nations raised the idea at the weekend, with a deal agreed between OPEC -- of which Saudi Arabia is the key player -- and Russia coming to an end in six weeks.
Britain hopes to win a fast-track trade deal with Europe after it negotiates its divorce from the EU but the decision by the European Court of Justice could cripple that plan.