State of affairs in the global economy & the world at large require collective, consensus-based decisions: Vladimir Putin

MOSCOW, Nov 23 (SABAH): Russian President Vladimir Putin has said that the state of affairs in the global economy and the world at large require collective, consensus-based decisions that reflect the views of the overwhelming majority of the international community, including both developed and developing countries.

Vladimir Putin took part in the extraordinary G20 summit, held via video conference. He said that the enormous stress on the global economy is a direct consequence of the ill-considered macroeconomic policies of some countries. He said that unlawful trade restrictions and the climate agenda pursued by some countries in order to improve their own competitiveness, continue to have a negative impact.

Vladimir Putin said that Russia advocates restoring the spirit of open and mutually beneficial international economic cooperation based on the UN Charter and the principles of collegial and mutually respectful joint work.

He said that it is important to achieve an effective optimisation of the global economic governance system, in particular, to restart the WTO in its entirety, including its arbitration function.

“We need to enhance the role of developing economies in international financial institutions, including the IMF and the World Bank, and to use those bodies’ resources to promote the development of countries and regions that really need it, and not for opportunistic political purposes” Vladimir Putin said.

“We are ready to work together to address these urgent issues at the G20 and other international institutions, including BRICS, an association that is gaining weight and influence – this much is obvious, especially considering its ongoing expansion” Vladimir Putin said.