Federation Council Chairwoman Valentina Matvienko is confident that the World Trade Organization (WTO) needs reform as it is going through the biggest crisis in its history. The speaker stated this during her speech at the BRICS Parliamentary Forum. DEA News.
“We believe that the WTO is experiencing the biggest crisis in its history, due to the virtual paralysis of multilateral negotiations and mutual claims of member countries,” Matvienko said.
According to the Spokesperson of the Federation Council, the organization needs a transformation that will fully restore the functioning of its bodies and strengthen their monitoring, negotiation and arbitration functions.
Matvienko noted that there is currently a lot of disagreement among WTO participants on exactly how global trade should develop.
Permanent Representation of Russia to the EU in May statedEU sanctions have become a commercial and political tool to protect its own economic interests, in violation of WTO norms. According to diplomats, the European Union protects its own economic interests through unlawful restrictions and protectionism.
Previously Matvienko It has been said On the US response to the work of BRICS.