Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs (RSPP), said that Russia should not withdraw from the World Trade Organization (WTO). In his opinion, on the contrary, the Russian Federation needs to restore some of its institutions – for example, a dispute resolution organization. Shokhin mentioned this in his speech at the Eastern Economic Forum’s session “The Greater Eurasian Partnership: Pathways to Economic Development”. DEA News”.
“Of course, there is no need to let go, such voices are now heard in the State Duma, but on the contrary, it is necessary to restore some WTO institutions. Especially the WTO dispute resolution organization has not been operating for many years, it is blocked by the Americans,” he said.
According to Shokhin, many problems can be resolved within the framework of the WTO dispute resolution organization, for example, in the field of climate and energy.
Earlier, Yi Xiaozhun, former vice-president of the WTO, former deputy minister of trade of China, said that the prolongation of the conflict in Ukraine aggravate Energy resources and food scarcity in the world. This will trigger a global economic crisis no less than in 2008.