Putin slams WTO for protectionism

Moscow, Jun 10 (UNI) Russian President Vladimir Putin today slammed WTO members for practicing protectionism, urging reform of the International Monetary Fund and the World Bank.

''The existing organizations cannot properly control the global market. Some structures that were designed for a small number of active players look archaic, non-democratic and slow and cannot take into account modern world balance,'' Putin said at the 11th St Petersburg International Economic Forum.

''Therefore old methods of decision-making simply do not work. It can be well seen in the World Trade Organization and the Doha round negotiations that are in fact stalled,'' he said, adding,'' Today protectionism emanates from developed economies that established the organization (WTO).'' ''To stimulate trade and investments it is necessary to think of creating regional Eurasian free trade institutions. In many respects, these institutions may borrow WTO's positive experience,'' he stressed.

Putin said.'' the world financial system that in fact concentrated on one or two currencies and a restricted number of financial centres, no more reflected strategic demands of the global economy.'' ''The fluctuation of currency rates affect financial reserves of whole countries and the development of separate economic sectors,'' he pointed out.

''There is only one answer to this challenge, the creation of several reserve world currencies and several financial centres.

Therefore it is necessary to create prerequisites for diversifying assets in the world financial system,'' Putin underscored.

UNI