РИА Новости50 minutes agoPolitics1 min readRussia

Reshetnikov: WTO tools need to be developed, not replaced

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The head of the Russian Ministry of Economic Development, Maxim Reshetnikov, said in Milwaukee that the WTO's tools should be developed with the times, speeding up procedures, revising obligations and eliminating inequalities between the founding countries and new members, in contrast to the skepticism of US Trade Representative Jamison Greer, who believes that the organization is not fulfilling its mandate.

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Why It Matters

The WTO faces criticism from a number of countries for its lack of effectiveness in regulating global trade and adapting to changes in the global economy, including imbalances in obligations between the organization's founders and new members.

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The head of the Russian Ministry of Economic Development, Maxim Reshetnikov, believes that the WTO tools need to be developed and not replaced.

US Trade Representative Jamison Greer has voiced his skepticism of the WTO, believing the organization is failing to deliver on its current mandate.

Reshetnikov clarified that the development of WTO instruments implies speeding up procedures, revising obligations and overcoming inequality between the founding countries and the states that joined later.

MILWAUKEE (USA), October 2 – RIA Novosti. The tools of the World Trade Organization (WTO) need to be developed with the times, and not replaced completely, says the head of the Russian Ministry of Economic Development, Maxim Reshetnikov.

Earlier, US Trade Representative Jamison Greer said that the meeting of G20 trade ministers in Milwaukee did not change his skepticism regarding the WTO. He believes that the organization is not even able to cope with its current mandate, so it cannot be trusted to find solutions to the world's problems.

“Time passes, the situation changes, economies develop... The WTO tools need development, but development, not abolition, not replacement, but development,” Reshetnikov told reporters in Milwaukee.

The minister clarified that we are talking about speeding up all procedures, as well as the need to revise obligations and overcome inequality between the founding countries of the organization, which usually have higher levels of foreign trade duties, and the states that joined it later.

What to Watch

AI outlook — possibilities, not facts

Discussions on WTO reform will continue at the next G20 meetings and within the organization itself
Likely · Within months

Open Questions

What specific reforms of WTO procedures does Russia propose?
How does the US plan to deal with further mistrust of the WTO?
Will other G20 countries support Russia's position on the development of the WTO?