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Putin calls on new world economic order

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Putin calls on new world economic order

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Vladimir Putin has called for practical steps to revise the world economic order which he says does not reflect the growing role of fast-growing emerging nations. At an investors’ forum in St Petersburg, the Russian President strongly criticised the World Trade Organisation – which Moscow wants to join – calling it archaic, undemocratic and inflexible, adding that Western protectionism is damaging the WTO’s work.

He said 60 percent of the world’s GDP was produced outside the world’s seven leading nations, adding that many global trade and financial institutions tailored to meet the interests of a few key economies were ineffective. The strong words come days after a conference of the G8 nations which Putin has vowed to prevent from turning into a club of “fat cats”.